Published on 2/22/2017 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $10.66 million review notes on S&P 500, Russell 2000
By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – JPMorgan Chase Financial Co. LLC priced $10.66 million of 0% review notes due Feb. 22, 2021 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 will be guaranteed by JPMorgan Chase & Co.
The notes will be called at par plus a call premium of 10.25% per year if each index closes at or above its initial level on Feb. 23, 2018, Feb. 22, 2019, Feb. 21, 2020 or Feb. 22, 2021.
If the notes are not called and the final level of each index is greater than or equal to its trigger value, 70% of its initial level, the payout will be par plus 10%. Otherwise, investors will lose 1% for each 1% that the lesser-performing index finishes below its initial level.
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: | Review notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $10,663,000
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Maturity: | Feb. 22, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the final level of each index is greater than or equal to its trigger value, par plus 10%; otherwise, 1% loss for each 1% that the lesser-performing index finishes below its initial level
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Call: | At par plus a call premium of 10.25% per year if each index closes at or above its initial level on Feb. 23, 2018, Feb. 22, 2019, Feb. 21, 2020 or Feb. 22, 2021
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Initial levels: | 2,349.25 for S&P and 1,404.207 for Russell
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Trigger levels: | 1,644.475 for S&P and 982.9449 for Russell; 70% of initial levels
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Pricing date: | Feb. 17
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Settlement date: | Feb. 27
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.4%
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Cusip: | 46646QXD2
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