Published on 10/28/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $5.67 million of autocallable yield notes on S&P, Russell
By Devika Patel
Knoxville, Tenn., Oct. 28 – JPMorgan Chase Financial Co. LLC priced $5.67 million of autocallable yield notes due Oct. 31, 2017 linked to the worst performing of the S&P 500 index 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.
The interest rate will be 6% per year, and interest will be payable monthly.
Beginning Jan. 26, 2017, the notes will be called at par if each index closes at or above its initial level on any quarterly call observation date other than the final one.
The payout at maturity will be par unless either index closes below its trigger level, 70% of its initial level, on any day during the life of the notes and the return of the least-performing index is negative, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable yield notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $5,668,000
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| Maturity: | Oct. 31, 2017
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| Coupon: | 6%, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par unless either index closes below trigger level and return of least-performing index is negative, in which case 1% loss for every 1% decline of worse performing index
|
| Call: | At par if each index closes at or above the initial level on any quarterly observation date other than the final one beginning Jan. 26, 2017
|
| Initial levels: | 2,139.43 for S&P 500, 1,204.749 for Russell
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| Trigger levels: | 1,497.601 for S&P 500, 843.3243 for Russell, 70% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.44241%
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| Cusip: | 46646EK50
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