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JPMorgan to price seven-year autocallable CDs on Efficiente Plus
By Marisa Wong
Morgantown, W.Va., Sept. 21 – JPMorgan Chase Bank, NA plans to price 0% autocallable certificates of deposit due Sept. 30, 2025 with step-up call value linked to the J.P. Morgan Efficiente Plus DS 5 Index (Net ER), according to a term sheet.
If the index closes at or above the call value on any semiannual review date, the CDs will be called at par plus a call premium that is expected to be at least 7% per year and will be set at pricing. The first review date is Sept. 25, 2019, and the last one is March 25, 2025.
The call value will be at most 103% of the initial index level on the first review date, stepping up by at most 150 basis points each subsequent review date.
If the notes are not called, the payout at maturity will be par plus the index return, subject to a minimum payout of par.
J.P. Morgan Securities LLC is the agent. Incapital LLC is distributor.
The CDs will price Sept. 25.
The Cusip number is 48128FRL8.
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