Published on 10/19/2017 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $861,000 contingent 12.25% autocallables tied to stocks
By Susanna Moon
Chicago, Oct. 19 – JPMorgan Chase Financial Co. LLC priced $861,000 of autocallable contingent interest notes due Oct. 16, 2020 linked to the lesser performing of the common stocks of Palo Alto Networks, Inc., CyberArk Software Ltd. and FireEye, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent monthly coupon at an annual rate of 12.25% if each stock closes at or above its 50% coupon barrier on the review date for that month.
The notes will be called at par plus the contingent coupon if each stock 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 stock finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.
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 stocks: | Palo Alto Networks, Inc. (Symbol: PANW), CyberArk Software Ltd. (Symbol: CYBR) and FireEye, Inc. (Symbol: FEYE)
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| Amount: | $861,000
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| Maturity: | Oct. 16, 2020
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| Coupon: | 12.25% annualized, payable monthly if each stock closes at or above 50% coupon barrier on review date that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below trigger, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any review date other than first, second, third, fourth, fifth and final dates
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| Initial levels: | $149.91 for Palo Alto, $42.41 CyberArk and $17.26 FireEye
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| Trigger levels: | $74.955 for Palo Alto, $21.205 CyberArk and $8.63 FireEye; 50% of initial levels
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| Pricing date: | Oct. 13
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| Settlement date: | Oct. 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.25%
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| Cusip: | 48129HFA0
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