By Tali Rackner
Norfolk, Va., Oct. 21 – JPMorgan Chase & Co. priced $6.5 million of autocallable contingent interest notes due Oct. 21, 2020 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon of 9.5% per year if Apple shares close at or above the barrier level, 70% of the initial share price, on the review date for that quarter.
The notes will be automatically called at par of $1,000 plus the contingent coupon if Apple shares close at or above the initial share price on any review date other than the first, second, third and final review dates.
The payout at maturity will be par plus the contingent coupon unless Apple shares finish below the 70% trigger level, in which case investors will be exposed to any losses.
J.P. Morgan Securities LLC is the underwriter.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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Amount: | $6.5 million
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Maturity: | Oct. 21, 2020
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Coupon: | 9.5%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par plus contingent coupon if Apple shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if Apple shares close at or above initial price on a quarterly review date other than the first, second, third and final dates
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Initial share price: | $111.04
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Trigger price: | $77.728, 70% of initial price
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Pricing date: | Oct. 16
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Settlement date: | Oct. 21
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Underwriter: | J.P. Morgan Securities LLC
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Fees: | 2.85%
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Cusip: | 48128GAG5
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