JPMorgan Chase (NYSE:JPM) launches offering of $350M of cash-settled exchangeable bonds due 2020; the bonds are referable to H-shares of Ping An Insurance Company of China (OTCPK:PIAIF). Exchange rights in respect to the bonds will be cash-settled only.
Bonds will be issued in principal amounts of $200,000 and integral multiples of $100,000 in excess thereof and won't bear interest.
The bonds will be marketed with an issue price of 100% and are expected to be redeemed at par on 30 December 2020.
The initial exchange price will be marketed with a range of 15% to 20% premium to the reference share price.
Source: Press Release
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