By Marisa Wong
Morgantown, W.Va., Sept. 1 – JPMorgan Chase & Co. priced $2.45 million of autocallable contingent interest notes due Aug. 30, 2018 linked to the least performing of the Financial Select Sector SPDR fund, the common stock of Chevron Corp. and the common stock of Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at a rate of 13.25% per year if each underlying closes at or above its barrier level, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each underlying closes at or above its initial level on any quarterly review date.
If the notes have not been called, the payout at maturity will be par unless any underlying finishes below its 65% trigger level, in which case investors will be fully exposed to the decline of the least performing underlying.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlyings: | Financial Select Sector SPDR fund, Chevron Corp. shares and Southwest Airlines Co. shares
|
| Amount: | $2,445,000
|
| Maturity: | Aug. 30, 2018
|
| Coupon: | 13.25% per year, payable monthly if each underlying closes at or above its barrier level on monthly review date
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlying finishes below its trigger level, in which case full exposure to the decline of the least performing underlying
|
| Call: | At par plus the contingent coupon if each underlying closes at or above its initial level on any quarterly review date
|
| Initial prices: | $23.17 for fund, $73.09 for Chevron and $37.39 for Southwest
|
| Barrier prices: | $16.219 for fund, $51.163 for Chevron and $26.173 for Southwest; 70% of initial prices
|
| Trigger prices: | $15.0605 for fund, $47.5085 for Chevron and $24.3035 for Southwest
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.1%
|
| Cusip: | 48125UK35
|
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