Published on 12/13/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $600,000 13.5% contingent interest callables on oil, financial funds
By Susanna Moon
Chicago, Dec. 13 – JPMorgan Chase Financial Co. LLC priced $600,000 of callable contingent interest notes due Nov. 30, 2021 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 13.5% if each underlying asset closes at or above its 70% coupon barrier on the review date for that period.
The notes are callable at par on any interest payment date other than the final date.
The payout at maturity will be par unless either asset finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing 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: | Callable contingent interest notes
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| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and Financial Select Sector SPDR Fund
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| Amount: | $600,000
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| Maturity: | Nov. 30, 2021
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| Coupon: | 13.5% annualized, payable semiannually if each asset closes at or above 70% coupon barrier on review date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below 60% trigger, in which case 1% loss for each 1% decline of worse performing fund
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| Call option: | At par on any interest payment date other than the final date beginning May 29, 2019
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| Initial levels: | $33.70 for oil fund, $26.21 for financial fund
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| Coupon barriers: | $23.59 for oil fund, $18.347 for financial fund, 70% of initial levels
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| Trigger levels: | $20.22 for oil fund, $15.726 for financial fund, 60% of initial levels
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| Pricing date: | Nov. 21
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| Settlement date: | Nov. 29
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48130WDQ1
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