Published on 2/22/2017 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.07 million 0% annual review notes linked to two funds
By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – JPMorgan Chase Financial Co. LLC priced $1.07 million of 0% review notes due Feb. 22, 2021 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 9% 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 70% 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: | $1,065,000
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Maturity: | Feb. 22, 2021
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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 30%, in which case full exposure to any losses of worse performing fund
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Call: | At par plus 9% per year if each fund closes at or above initial level on Feb. 23, 2018, Feb. 22, 2019, Feb. 21, 2020 or Feb. 22, 2021
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Initial levels: | $24.27 for Financial Select and $57.70 for S&P Regional Banking
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Trigger levels: | $17.129 for Financial Select and $40.39 for S&P Regional Banking; 70% of initial levels
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Pricing date: | Feb. 17
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Settlement date: | Feb. 27
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.4%
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Cusip: | 46646QZW8
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