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JPMorgan plans contingent income autocallables tied to Bank of America
By Susanna Moon
Chicago, Aug. 12 – JPMorgan Chase Financial Co. LLC plans to price contingent income autocallable securities due Aug. 22, 2019 linked to Bank of America Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if the stock closes at or above its downside threshold level, 80% of its initial level, on the review date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any determination date other than the final date.
The payout at maturity will be par unless the shares finish below its 80% downside threshold level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the underwriter. Morgan Stanley Wealth Management is the dealer.
The notes will price on Aug. 19.
The Cusip number is 46646X761.
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