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JPMorgan plans six-year annual income notes tied to ETF Efficiente 5
By Susanna Moon
Chicago, Feb. 1 - JPMorgan Chase & Co. plans to price annual income notes due Feb. 28, 2018 linked to the JPMorgan ETF Efficiente 5 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable annually at a rate of at least 0.5% to 1% and will be equal to the index return multiplied by the index factor. The exact minimum interest rate will be set at pricing.
The index factor is one divided by the number of coupon determination dates that have occurred up to and including the most current coupon determination date. The determination dates are Feb. 25, 2013, Feb., 25, 2014, Feb. 24, 2015, Feb. 24, 2016, Feb. 23, 2017 and Feb. 23, 2018.
The payout at maturity will be par plus the last coupon payment.
The index tracks the excess return of a portfolio of 12 exchange-traded funds, with dividends reinvested, and the JPMorgan Cash Index USD 3 Month above the return of the cash index, less a fee of 0.5% per year that accrues daily.
J.P. Morgan Securities LLC is the agent.
The notes will price on Feb. 24 and settle on Feb. 27.
The Cusip number is 48125VLY4.
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