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JPMorgan plans seven-year contingent coupon CDs linked to 10 stocks
By Angela McDaniels
Tacoma, Wash., Aug. 1 - JPMorgan Chase Bank, NA plans to price contingent coupon certificates of deposit due Aug. 31, 2018 linked to an equally weighted basket of stocks, according to a term sheet.
The basket includes the common stocks of Altria Group, Inc., Amazon.com, Inc., AT&T Inc., Barrick Gold Corp., Bristol-Myers Squibb Co., General Mills, Inc., Intel Corp., Time Warner Cable Inc., Wells Fargo & Co. and Whole Foods Market, Inc.
Interest is payable in August of each year and will equal the sum of the weighted returns of the basket stocks, subject to a minimum coupon of 1%. Each basket stock's return will be subject to a floor of negative 30% and a cap of at least 7% that will be set at pricing.
The payout at maturity will be par.
The CDs (Cusip: 48123YL61) are expected to price Aug. 26.
J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.
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