Published on 3/15/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.87 million 8.5% callable reverse exchangeables linked to Bank of America
By Angela McDaniels
Tacoma, Wash., March 15– JPMorgan Chase & Co. priced $1.87 million of 8.5% callable reverse exchangeable notes due March 20, 2017 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on Sept. 19, 2016 or Dec. 19, 2016.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the initial share price and the stock closes below the trigger price, 60% of the initial share price, on any day during the life of the notes, in which case the payout will be a number of Bank of America shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable reverse exchangeable notes
|
| Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $1,874,000
|
| Maturity: | March 20, 2017
|
| Coupon: | 8.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than initial share price and stock closes below trigger price on any day during life of notes, in which case 72.5163 Bank of America shares or, at issuer’s option, amount in cash equal to value of those shares
|
| Call option: | At par on Sept. 19, 2016 or Dec. 19, 2016
|
| Initial share price: | $13.79
|
| Trigger price: | $8.274, 60% of initial share price
|
| Pricing date: | March 11
|
| Settlement date: | March 16
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 46625HQG8
|
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