By Angela McDaniels
Tacoma, Wash., Aug. 26 - JPMorgan Chase & Co. priced $3 million of autocallable contingent interest notes due Sept. 10, 2014 linked to the common stock of Barnes & Noble, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a 3% coupon (equivalent to 12% a year) if Barnes & Noble shares close at or above the barrier price on the review date for that quarter. The barrier price is 60% of the initial share price.
The notes will be called automatically at par plus the 3% contingent coupon if Barnes & Noble shares close at or above the initial share price on Dec. 5, 2013, March 6, 2014 or June 5, 2014.
If the notes have not been called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par plus the 3% contingent coupon. If the final share price is less than the barrier price, investors will be exposed to the decline from the initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Barnes & Noble, Inc. (NYSE: BKS)
|
| Amount: | $3 million
|
| Maturity: | Sept. 10, 2014
|
| Coupon: | 3% (equivalent to 12% per year) payable quarterly if Barnes & Noble stock closes at or above barrier price on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless Barnes & Noble shares finish below barrier price, in which case investors share fully in losses
|
| Call: | Automatically at par plus contingent coupon if Barnes & Noble shares close at or above initial share price on Dec. 5, 2013, March 6, 2014 or June 5, 2014
|
| Initial share price: | $14.46
|
| Barrier price: | $8.676, 60% of initial share price
|
| Pricing date: | Aug. 22
|
| Settlement date: | Aug. 27
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48126NPZ4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
