Published on 3/17/2017 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.5 million autocallable contingent interest notes tied to indexes
By Devika Patel
Knoxville, Tenn., March 17 – JPMorgan Chase Financial Co. LLC priced $1.5 million of autocallable contingent interest notes due March 20, 2019 linked to the lesser performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 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 9% if each index closes at or above its coupon barrier level, 69.6% of its initial level, on the review date for that quarter.
Beginning on June 15, 2017, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the final one.
The payout at maturity will be par unless either index finishes below its 69.6% trigger level, in which case investors will lose 1% for each 1% decline of the worse performing index.
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 indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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Amount: | $1.5 million
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Maturity: | March 20, 2019
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Coupon: | 9% annualized, payable quarterly if each underlying index closes at or above coupon barrier level on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon unless either index finishes below trigger level, in which case 1% loss for each 1% decline of worse performing index
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Call: | At par plus contingent coupon, beginning June 15, 2017, if each index closes at or above initial level on any quarterly review date other than the final one
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Initial levels: | 2,385.26 for S&P, 1,382.830 for Russell and 3,409.32 for Stoxx
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Coupon/ trigger levels: | 1,660.14096 for S&P, 962.44968 for Russell and 2,372.88672 for Stoxx; 69.6% of initial levels
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Pricing date: | March 15
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Settlement date: | March 20
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 46646QNA9
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