Published on 11/22/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.03 million 0% annual review notes linked to two funds
By Susanna Moon
Chicago, Nov. 22 – JPMorgan Chase Financial Co. LLC priced $1.03 million of 0% review notes due Nov. 23, 2020 linked to the lesser performing of the Financial Select Sector SPDR fund and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will be called at par plus an annualized call premium of 10.6% if each fund closes at or above its initial level on any annual review date.
The payout at maturity will be par plus a contingent minimum return of 10% unless either fund finishes below the 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing fund.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Review notes
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| Underlying funds: | Financial Select Sector SPDR fund and the SPDR S&P Regional Banking ETF
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| Amount: | $1,025,000
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| Maturity: | Nov. 23, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 10% unless either fund falls by more than 50%, in which case full exposure to any losses of worse performing fund
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| Call: | At par plus 10.6% per year if each fund closes at or above initial level on Nov. 20, 2017, Nov. 19, 2018, Nov. 18, 2019 and Nov. 18, 2020
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| Initial levels: | $11.08 for Financial Select and $25.75 for S&P Regional Banking
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| Trigger levels: | $22.16 for Financial Select and $51.50 for S&P Regional Banking; 50% of initial levels
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.4%
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| Cusip: | 46646E6W7
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