By Wendy Van Sickle
Columbus, Ohio, March 15 – JPMorgan Chase Financial Co. LLC priced $3.53 million of contingent income autocallable securities due March 13, 2020 linked to the lesser-performing of the common stocks of Apple Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 9.45% if the lesser-performing shares close at or above the 60% downside threshold level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if both stocks close at or above the initial price on any determination date other than the first, second, third and final dates.
The payout at maturity will be par plus the final coupon unless either stock finishes below its downside threshold, in which case investors will lose 1% for each 1% decline of the lesser-performing stock.
J.P. Morgan Securities LLC is the underwriter, and Morgan Stanley Wealth Management is a distributor.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying stocks: | Apple Inc. and Bank of America Corp.
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| Amount: | $3,525,000.00
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| Maturity: | March 13, 2020
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| Coupon: | 9.45% per year, payable each quarter that each stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If final share price of lesser performing stock is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, full exposure to decline of worse performer
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| Call: | At par plus contingent coupon if each stock closes at or above initial share price on any determination date other than the first, second, third and final dates
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| Initial share prices: | $139.14 for Apple, $25.31 for BofA
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| Downside thresholds: | $83.484 for Apple, $15.186 for BofA; 60% of initial share prices
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| Pricing date: | March 10
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| Settlement date: | March 15
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 2.5%
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| Cusip: | 48129F739
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