By Jennifer Chiou
New York, Dec. 30 – JPMorgan Chase & Co. priced $1 million of autocallable contingent interest accrual notes due Dec. 29, 2017 linked to the least performing of the common stocks of Aetna Inc., Cigna Corp., the Hartford Financial Services Group, Inc. and MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will accrue interest at a rate of 7.15% per year for each trading day that each stock is greater than or equal to its barrier price. The barrier price will be 63.5% of the initial price. The contingent interest is payable monthly.
If each stock closes at or above its respective initial share price on any quarterly review date other than the final review date, the notes will be called at par plus any contingent interest.
If the notes have not been called and each stock finishes at or above its 63.5% trigger price, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the share price decline of the least-performing stock.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest accrual notes
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Underlying stocks: | Aetna Inc. (Symbol: AET), Cigna Corp. (Symbol: CI), Hartford Financial Services Group, Inc. (Symbol: HIG) and MetLife, Inc. (Symbol: MET)
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Amount: | $1 million
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Maturity: | Dec. 29, 2017
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Coupon: | Accrues at 7.15% per year for each trading day that each stock is greater than or equal to its barrier price, payable monthly
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Price: | Par
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Payout at maturity: | If each stock finishes at or above trigger price, par plus contingent coupon; otherwise, full exposure to the share price decline of the least-performing stock
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Call: | At par plus contingent coupon if each stock closes at or above its respective initial share price on any quarterly review date other than the final review date
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Initial levels: | $89.84 for Aetna, $104.00 for Cigna, $42.04 for Hartford and $54.87 for MetLife
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Barrier/trigger prices: | 63.5% of initial share price
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Pricing date: | Dec. 26
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Settlement date: | Dec. 31
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.25%
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Cusip: | 48127D4K1
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