Published on 4/30/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1 million contingent interest autocalls tied to indexes, fund
By Wendy Van Sickle
Columbus, Ohio, April 30 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due April 29, 2021 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 7.5% if each underlying asset closes at or above its 65% coupon barrier on the review date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any review date other than the first, second, third, fourth, fifth and final dates.
The payout at maturity will be par unless any underlying asset finishes below 55% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing index or fund.
The notes are guaranteed by JPMorgan Chase & Co.
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: | Autocallable contingent interest notes
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Underlying assets: | S&P 500 index, Russell 2000 index, Financial Select Sector SPDR Fund
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Amount: | $1 million
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Maturity: | April 29, 2021
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Coupon: | 7.5% annualized, payable monthly if each asset closes at or above coupon barrier on review date
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Price: | Par
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Payout at maturity: | Par unless any asset closes below trigger, in which case 1% loss for each 1% decline of worse performing index or fund
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly review date other than first, second, third, fourth, fifth and final dates
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Initial levels: | 2,634.56 for S&P, 1,553.281 for Russell and $27.67 for fund
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Coupon barriers: | 1,712.464 for S&P, 1,009.63265 for Russell and $17.9855 for fund, 65% of initial levels
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Trigger levels: | 1,449.008 for S&P, 854.30455 for Russell and $14.2185 for fund, 55% of initial levels
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Pricing date: | April 25
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Settlement date: | April 27
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.5%
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Cusip: | 48129MC87
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