Published on 9/3/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $10,000 11.75% reverse exchangeables linked to Barrick Gold
By Susanna Moon
Chicago, Sept. 3 - JPMorgan Chase & Co. priced $10,000 of 11.75% annualized reverse exchangeable notes due March 3, 2014 linked to Barrick Gold Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Barrick Gold shares fall below the protection price - 70% of the initial price - during the life of the notes and finish below the initial price in which case the payout will be a number of Barrick Gold shares equal to $1,000 divided by the initial share price.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Barrick Gold Corp. (Symbol: ABX)
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Amount: | $10,000
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Maturity: | March 3, 2014
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Coupon: | 11.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Barrick Gold shares ever dips by more than buffer amount and finish below the initial price, in which case number of Barrick Gold shares equal to $1,000 divided by the initial share price
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Initial price: | $19.33
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Buffer amount: | $5.799, 30% of initial price
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Pricing date: | Aug. 28
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Settlement date: | Aug. 30
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Agent: | JPMorgan
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Fees: | 2.71%
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Cusip: | 48126NPP6
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