Published on 5/22/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $11.7 million four-year review notes on S&P 500, Russell
By Wendy Van Sickle
Columbus, Ohio, May 22 – JPMorgan Chase Financial Co. LLC priced $11.7 million of 0% review notes due June 15, 2022 linked to the worse 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 called at par plus a call premium of 9% per year if each index closes at or above its initial level on any annual review date.
If the notes are not called, the payout at maturity will be par plus 10% unless either index finishes below 70% trigger level, in which case investors will be fully exposed to the decline of the worse performing index.
The notes are guaranteed by JPMorgan Chase & Co.
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, Russell 2000
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Amount: | $11,695,000
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Maturity: | June 15, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 10% unless either index finishes below trigger, in which case 1% loss for each 1% decline of worse performing index
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Call: | At par plus 9% per year if each index closes at or above initial level on any annual review date beginning June 14, 2019
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Initial levels: | 2,712.97 for S&P, 1,626.629 for Russell
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Trigger levels: | 1,899.079 for S&P, 1,138.6403 for Russell, 70% of initial levels
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Pricing date: | May 18
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Settlement date: | May 25
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.5%
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Cusip: | 48129MNN2
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