By Sarah Lizee
Olympia, Wash., May 6 – JPMorgan Chase Financial Co. LLC priced $10.1 million of contingent coupon callable yield notes due May 5, 2022 linked to the Financial Select Sector SPDR fund, the SPDR S&P Regional Banking ETF and the SPDR S&P Bank ETF, 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 of 15% if each ETF closes at or above its coupon barrier level, 50% of its initial level, on the observation date for that quarter.
The notes will be callable in whole but not in part at par plus any coupon on any interest payment date other than the final one beginning on Nov. 4.
The payout at maturity will be par plus the final coupon unless any ETF finishes below its 50% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing ETF.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Contingent coupon callable yield notes
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| Underlying ETFs: | Financial Select Sector SPDR fund, the SPDR S&P Regional Banking ETF and the SPDR S&P Bank ETF
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| Amount: | $10,102,000
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| Maturity: | May 5, 2022
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| Coupon: | 15%, payable quarterly if each ETF closes at or above its coupon barrier level on observation date for quarter
|
| Price: | Par
|
| Payout at maturity: | If any underlying finishes below trigger level, par plus return of the worst performing underlying; otherwise, par plus coupon
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| Call option: | In whole but not in part at par plus any coupon on any interest payment date other than the final one beginning on Nov. 4
|
| Initial levels: | $22.79 for Financial Select, $38.13 for SPDR S&P Regional Banking and $31.31 for SPDR S&P Bank
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| Coupon/trigger levels: | $11.395 for Financial Select, $19.065 for SPDR S&P Regional Banking and $15.655 for the SPDR S&P Bank; 50% of initial levels
|
| Pricing date: | April 30
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| Settlement date: | May 5
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.75%
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| Cusip: | 48132K2S3
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