JPMorgan to price contingent income autocallables linked to Apple

By Toni Weeks

San Luis Obispo, Calif., July 23 – JPMorgan Chase & Co. plans to price contingent income autocallable securities due Aug. 3, 2018 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of at least 8% if Apple shares close at or above the downside threshold level, 80% of the initial share price, on the determination date for that quarter.

The notes will be called at par plus the contingent coupon if Apple shares close at or above the initial share price on any determination date other than the final determination date.

The payout at maturity will be par plus the final contingent quarterly payment unless Apple stock finishes below the 80% downside threshold level, in which case investors will receive par plus the return with full exposure to losses or, at the issuer’s option, a number of Apple shares equal to $10 divided by the initial stock price.

J.P. Morgan Securities LLC is the agent.

The notes will price July 31.

The Cusip number is 48127V793.

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