By Angela McDaniels
Tacoma, Wash., Feb. 26 – JPMorgan Chase Financial Co. LLC priced $2 million of 0% capped notes due Feb. 28, 2020 linked to the performance of the dollar relative to the offshore Chinese renminbi, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Per $1,000 principal amount of notes, the payout at maturity will be $980 plus the additional amount, which may be zero and will not be greater than $220. Accordingly, the maximum payment is $1,200 per $1,000 principal amount.
The additional amount will be $1,000 multiplied by the reference currency return multiplied by 200%.
The reference currency return is the quotient of (a) the ending spot rate minus the strike rate divided by (b) the ending spot rate. The reference currency return will be positive if the dollar appreciates relative to the offshore Chinese renminbi.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Capped notes
|
| Underlying currency: | Dollar measured relative to offshore Chinese renminbi
|
| Amount: | $2 million
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| Maturity: | Feb. 28, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | $980 plus additional amount, which may be zero and will not be greater than $220
|
| Additional amount: | $1,000 multiplied by reference currency return multiplied by 200%; reference currency return is quotient of (a) ending spot rate minus strike rate divided by (b) ending spot rate
|
| Strike rate: | 6.704 offshore renminbi per dollar (not equal to spot rate on pricing date)
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| Ending spot rate: | Average of spot rates on five trading days ending Feb. 25, 2020
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.5%
|
| Cusip: | 48130UQK4
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