Published on 3/14/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.48 million contingent interest autocalls on Amazon, Apple, Netflix
By Wendy Van Sickle
Columbus, Ohio, March 14 – JPMorgan Chase Financial Co. LLC priced $1.48 million of autocallable contingent interest notes due March 12, 2021 linked to the least performing of the common stocks of Amazon.com, Inc., Apple Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13.5% if each stock closes at or above its 60% interest barrier on the review date for that month.
After six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any review date other than the final date.
The payout at maturity will be par unless any stock closes below its 50% trigger value, in which case investors will be exposed to the losses of the least performing stock.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying stocks: | Amazon.com, Inc., Apple Inc. and Netflix, Inc.
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Amount: | $1.48 million
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Maturity: | March 12, 2021
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Coupon: | 13.5% annualized, payable monthly if each stock closes at or above interest barrier on review date for that month
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below trigger, in which case 1% loss for each 1% loss of the worst performing stock
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Call: | After six months, at par plus the contingent coupon if each stock closes at or above initial level on any monthly review date other than final date
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Initial levels: | $1,578.89 for Amazon, $179.98 for Apple and $331.44 for Netflix
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Interest barrier: | $947.334 for Amazon, $107.988 for Apple and $198.864for Netflix; 60% of initial levels
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Trigger value: | $789.445 for Amazon, $89.99 for Apple and $165.72 for Netflix; 50% of initial levels
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Pricing date: | March 9
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Settlement date: | March 14
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.25%
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Cusip: | 48129MBU9
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