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JPMorgan to sell contingent income autocallable notes tied to MetLife
By Devika Patel
Knoxville, Tenn., Sept. 11 – JPMorgan Chase Financial Co. LLC plans to price contingent income autocallable securities due Sept. 18, 2020 linked to MetLife, Inc. common shares, 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 annualized rate of at least 9.15% if MetLife stock closes at or above its 80% downside threshold level on the observation date for that quarter. The exact coupon will be set at pricing.
The notes will be redeemed at par of $10 plus the contingent payment if the stock closes at or above the initial level on any determination date other than the final date beginning on Dec. 15, 2017.
The payout at maturity will be par plus the final coupon unless the stock finishes below the 80% downside threshold level, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.
J.P. Morgan Securities LLC is the agent, with Morgan Stanley Wealth Management handling distribution.
The notes (Cusip: 48129J590) will price on Sept. 15 and settle three business days after pricing.
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