Published on 7/8/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.25 million callable contingent interest notes on three indexes
By Marisa Wong
Morgantown, W.Va., July 8 – JPMorgan Chase Financial Co. LLC priced $1.25 million of callable contingent interest notes due Jan. 3, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes pay a contingent coupon at an annual rate of 10% if each index closes at or above its coupon barrier, 70% of its initial level, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date other than the first and final interest payment dates.
If the notes have not been called, the payout at maturity will be par plus the contingent coupon, if any, unless any index finishes below its 55% trigger value, in which case investors will be fully exposed to the decline of the least-performing index.
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 indexes: | S&P 500, Russell 2000 and Dow Jones industrial average
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| Amount: | $1.25 million
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| Maturity: | Jan. 3, 2020
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| Coupon: | 10% per year, payable each quarter that each underlying index closes at or above coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, unless any index finishes below trigger value, in which case full exposure to decline of least-performing index
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| Call: | Callable at par plus contingent coupon on any interest payment date other than first and final ones
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| Initial levels: | 2,098.86 for S&P 500, 1,151.923 for Russell 2000 and 17,929.99 for Dow
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| Barrier levels: | 1,469.202 for S&P 500, 806.3461 for Russell 2000 and 12,550.993 for Dow; 70% of initial levels
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| Trigger levels: | 55% of initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 46646ELC4
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