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JPMorgan plans autocallable contingent interest notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 10 – JPMorgan Chase Financial Co. LLC plans to price autocallable contingent interest notes due Aug. 21, 2017 linked to the lesser performing of the S&P 500 index and the Russell 2000 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Interest is payable quarterly at a rate of at least 8.25% a year if each index closes above its 70% interest barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly review date other than the final date.
The payout at maturity will be par unless either index finishes below its initial level and closed below its trigger level, 70% of its initial level, any day during the life of the notes, in which case investors will be fully exposed to any losses in the worse performing index.
The exact terms will be set at pricing.
J.P. Morgan Securities LLC is the agent.
The notes will price on Aug. 16 and settle on Aug. 19.
The Cusip number is 46646EUR1.
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