Published on 8/24/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.41 million 6.2% contingent interest autocalls on indexes, fund
By Wendy Van Sickle
Columbus, Ohio, Aug. 24 – JPMorgan Chase Financial Co. LLC priced $1.41 million of autocallable contingent interest notes due Nov. 27, 2019 linked to the least performing of the Euro Stoxx 50 index, the Invesco QQQ Trust, series 1 and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.75% if each asset closes at or above its 70% coupon barrier on the review date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any review date other than the first, second and final dates.
The payout at maturity will be par unless any asset finishes below its initial level and ever closes below its 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by JPMorgan Chase & Co.
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 assets: | Euro Stoxx 50 index, Invesco QQQ Trust, series 1 and S&P 500 index
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| Amount: | $1,412,000
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| Maturity: | Nov. 27, 2019
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| Coupon: | 6.75% annualized, payable monthly if each asset closes at or above 70% coupon barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes initial level and ever closes below 70% trigger, in which case 1% loss for each 1% decline of worst performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any review date other than first, second and final dates
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| Initial levels: | 3,420.18 for Stoxx, $181.06 for QQQ and 2,861.82 for S&P
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| Trigger levels: | 2,394.126 for Stoxx, $126.742 for QQQ and 2,003.274 for S&P, 70% of initial levels
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| Pricing date: | Aug. 22
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| Settlement date: | Aug. 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.225%
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| Cusip: | 48130UBJ3
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