By Wendy Van Sickle
Columbus, Ohio, Feb. 26 – JPMorgan Chase Financial Co. LLC priced $550,000 of callable contingent interest notes due Feb. 23, 2021 linked to the lesser performing of the Financial Select Sector SPDR fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase & Co. is the guarantor.
Each six months, the notes will pay a contingent coupon at an annual rate of 9.5% if each fund closes at or above its coupon barrier level, 70% of its initial level, on the review date for that period.
The notes will be callable at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly review date other than the final date.
If the notes have not been called, the payout at maturity will be par plus the final coupon if both funds close above their trigger value, 70% of their respective initial levels.
Otherwise investors will lose 1% for each 1% decline of the lesser-performing fund.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable contingent interest notes
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| Underlying ETFs: | SPDR S&P Biotech ETF and Financial Select Sector SPDR fund
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| Amount: | $550,000
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| Maturity: | Feb. 23, 2021
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| Coupon: | Notes pay semiannual contingent coupon at annual rate of 9.5% if each fund closes at or above coupon barrier level on review date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless either fund finishes below 70% of its initial value, in which case 1% loss for each 1% decline of lesser-performing fund
|
| Call option: | At par plus contingent coupon on any quarterly review date other than final one
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| Initial levels: | $28.98 for Financial and $33.92 for Oil & Gas
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| Coupon barrier/trigger values: | $20.286 for Financial and $23.744 for Oil & Gas, 70% of initial levels
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 26
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.45%
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| Cusip: | 48129H5M5
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