Published on 2/13/2017 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.34 million contingent interest callable notes tied to S&P, Russell
By Susanna Moon
Chicago, Feb. 13 – JPMorgan Chase Financial Co. LLC priced $1.34 million of callable contingent interest notes due Feb. 22, 2018 linked to the lesser 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 are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 9.25% if each index closes at or above its coupon barrier, 80% of its initial level, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any review date other than final date.
The payout at maturity will be par plus the final contingent interest payment unless either index finishes below its 80% trigger level, in which case investors will be fully exposed to any losses of the worse 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
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| Amount: | $1,341,000
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| Maturity: | Feb. 22, 2018
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| Issue price: | Par
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| Coupon: | 9.25% annualized, payable quarterly if each index closes at or above 80% coupon barrier on review date for that quarter
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| Payout at maturity: | Par final contingent interest payment unless either index falls below trigger, in which case full exposure to any losses of worse performing index
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| Call option: | At par plus contingent coupon on any interest payment date other than final date
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| Initial levels: | 2,293.08 for S&P, 1,361.061 for Russell
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| Trigger levels: | 1,834.464 for S&P, 1,088.8488 for Russell; 80% of initial levels
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| Pricing date: | Feb. 7
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| Settlement date: | Feb. 14
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 46646QB87
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