Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.26 million autocallable contingent interest notes tied to stocks
By Devika Patel
Knoxville, Tenn., April 2 – JPMorgan Chase Financial Co. LLC priced $1.26 million autocallable contingent interest notes due March 21, 2022 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 are guaranteed by JPMorgan Chase & Co.
Each month, the notes will pay a contingent coupon at an annual rate of 13% if each stock closes at or above its 60% coupon barrier level on the review date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any monthly review date other than the final one beginning on Sept. 17, 2018.
The payout at maturity will be par plus the final coupon, if any, unless any stock finishes below its 50% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
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. (AMZN), Apple Inc. (AAPL), Netflix, Inc. (Symbol: NFLX)
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| Amount: | $1,258,000
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| Maturity: | March 21, 2022
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| Coupon: | 13%, payable monthly if each stock closes at or above coupon barrier level on monthly review date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent coupon unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of least performing stock from initial level
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above strike price on any monthly review date other than the final one beginning Sept. 17, 2018
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| Initial prices: | $1,571.68 for Amazon, $178.02 for Apple, $318.45 for Netflix
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| Coupon barrier prices: | $943.008 for Amazon, $106.812 for Apple, $191.07 for Netflix, 60% of initial levels
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| Trigger prices: | $785.84 for Amazon, $89.01 for Apple, $159.225 for Netflix, 50% of initial levels
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| Pricing date: | March 16
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| Settlement date: | March 22
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.6%
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| Cusip: | 48129MCS3
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