Published on 10/29/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.9 million autocallable reverse exchangeables linked to energy stocks
By Angela McDaniels
Tacoma, Wash., Oct. 29 – JPMorgan Chase & Co. priced $2.9 million of 9% autocallable reverse exchangeable notes due May 1, 2017 linked to the least performing of the common stocks of Exxon Mobil Corp., Schlumberger NV (Schlumberger Ltd.), ConocoPhillips and Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial share price on Jan. 26, 2016, April 26, 2016, July 26, 2016, Oct. 26, 2016 or Jan. 26, 2017.
If the notes are not called, the payout at maturity will be par unless the final share price of any stock is less than its trigger value, 55% of its initial share price, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by its 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: | Autocallable reverse exchangeable notes
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| Underlying stocks: | Exxon Mobil Corp., Schlumberger NV (Schlumberger Ltd.), ConocoPhillips and Valero Energy Corp.
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| Amount: | $2.9 million
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| Maturity: | May 1, 2017
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of any stock is less than trigger value, in which case number of shares of least-performing stock equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | At par if each stock closes at or above initial share price on Jan. 26, 2016, April 26, 2016, July 26, 2016, Oct. 26, 2016 or Jan. 26, 2017
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| Initial share prices: | $81.22 for Exxon Mobil, $77.15 for Schlumberger, $52.95 for ConocoPhillips and $61.90 for Valero
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| Trigger values: | $44.671 for Exxon Mobil, $42.4325 for Schlumberger, $29.1225 for ConocoPhillips and $34.045 for Valero; 55% of initial share prices
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 29
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 46625HNW6
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