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JPMorgan plans callable contingent interest notes tied to Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 9 – JPMorgan Chase Financial Co. LLC plans to price callable contingent interest notes due Sept. 2, 2021 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
Each quarter, the notes pay a contingent coupon if each index closes at or above its trigger value, 65% of its initial level, on the review date for that quarter. The contingent coupon rate is expected to be at least 7.25% per year and will be set at pricing.
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 unless either index finishes below its trigger value, in which case investors will be fully exposed to the decline of the lesser-performing index.
J.P. Morgan Securities LLC is the agent.
The notes will price on Aug. 26 and settle on Aug. 31.
The Cusip number is 46646EUF7.
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