By William Gullotti
Buffalo, N.Y., July 24 – JPMorgan Chase Financial Co. LLC priced $20 million of trigger autocallable contingent yield notes due July 23, 2025 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, 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 quarterly coupon at the rate of 14.5% per year if the ETF closes at or above the coupon barrier, 60% of the initial level, on the corresponding observation date.
The notes will be automatically called at par of $10 plus the coupon if the ETF closes at or above its initial level on any quarterly observation date.
If the notes are not called and the final level is greater than or equal to the threshold level, 60% of the initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the final level is less than the initial level.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $20 million
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| Maturity: | July 23, 2025
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| Contingent coupon: | 14.5% annual rate, payable quarterly if each ETF closes at or above coupon barrier level on related quarterly observation date
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| Price: | Par of $10
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| Payout at maturity: | If ETF’s final level is greater than or equal to threshold level, par plus final coupon; otherwise, 1% loss for every 1% decline from initial level
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| Call: | Automatically at par plus coupon if ETF closes at or above initial level on any quarterly observation date
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| Initial price: | $133.26
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| Coupon barrier: | $79.96; 60% of initial price
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| Threshold level | $79.96; 60% of initial price
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| Strike date: | July 18
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| Pricing date: | July 19
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| Settlement date: | July 24
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 48131C377
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