By Angela McDaniels
Tacoma, Wash., Nov. 25 – JPMorgan Chase & Co. priced $3.54 million of contingent income autocallable securities due Nov. 25, 2020 linked to the worst performing of the Financial Select Sector SPDR fund and the Industrial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each ETF’s shares close at or above its downside threshold level, 75% of its initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 7.45%.
The notes will be called at par of $10 plus the contingent coupon if each ETF’s closing share price is greater than or equal to its initial share price on any quarterly determination date other than the first, second, third and final determination dates.
If the final share price of each ETF is greater than or equal to its downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst-performing ETF’s final share price is less than the initial share price.
J.P. Morgan Securities LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying ETFs: Financial Select Sector SPDR fund and Industrial Select Sector SPDR fund
|
| Amount: | $3,535,000
|
| Maturity: | Nov. 25, 2020
|
| Coupon: | 7.45% per year, payable quarterly if each ETF’s shares close at or above downside threshold level on | quarterly determination date
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price of each ETF is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that worst-performing ETF’s final share price is less than initial share price
|
| Call: | At par plus contingent coupon if each ETF’s closing share price is greater than or equal to initial share price on any quarterly determination date other than first, second, third and final determination dates
|
| Initial share price: | $24.67 for financial ETF and $55.40 for industrial ETF
|
| Downside threshold: | $18.5025 for financial ETF and $41.55 for industrial ETF; 75% of initial share price
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 25
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 48127Y326
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
