By Jennifer Chiou
New York, June 28 - JPMorgan Chase & Co. priced $2.75 million of callable contingent interest notes due June 30, 2028 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its interest barrier level on a quarterly review date, the notes will pay a coupon at an annualized rate of 7.1% for that quarterly period. The interest barrier level for each index is 60% of its initial level.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its trigger level, 50% of the initial level, in which case investors will share fully in the decline of the worst-performing index.
The notes are callable at par plus the contingent coupon on any quarterly interest payment date other than the first, second, third and final payment dates.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $2.75 million
|
| Maturity: | June 30, 2028
|
| Coupon: | 7.1% annualized, payable quarterly if each index closes at or above interest barrier level on review date for that interest period; otherwise, no coupon will be paid for that interest period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either index finishes below trigger level, in which case investors share fully in decline of worst-performing index
|
| Call option: | At par plus contingent coupon on any interest payment date other than first, second, third and final payment dates
|
| Initial levels: | 1,603.26 for S&P 500 and 963.26 for Russell 2000
|
| Interest barrier levels: | 961.956 for S&P 500 and 578.298 for Russell 2000; 60% of initial levels
|
| Trigger levels: | 801.63 for S&P 500 and 481.95 for Russell 2000; 50% of initial levels
|
| Pricing date: | June 26
|
| Settlement date: | June 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.5%
|
| Cusip: | 48126NEP8
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