JPMorgan plans contingent interest CDs linked to Efficiente Plus DS

By Marisa Wong

Morgantown, W.Va., July 13 – JPMorgan Chase Bank, NA plans to price certificates of deposit with contingent annual interest due July 31, 2023 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 initial index level on any annual contingent interest review date, the CDs will pay a coupon that is expected to be 0.75% to 1.25% per year and will be set at pricing. If the index closes below the initial index level, no coupon will be paid that year.

The payout at maturity will be par plus the index return, subject to a minimum payout of par, and the final coupon, if any.

The index is a notional dynamic basket that tracks the excess return of a portfolio of 19 exchange-traded funds, with dividends notionally reinvested, and the JPMorgan Cash Index USD 3 Month over the return of the cash index less a fee of 0.85% per annum that accrues daily.

J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.

The CDs will price on July 26 and settle on July 29.

The Cusip number is 48125Y5Z3.

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