Published on 8/6/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $4.04 million contingent interest autocallables on Russell, S&P
By Marisa Wong
Morgantown, W.Va., Aug. 6 – JPMorgan Chase Financial Co. LLC priced $4.04 million of autocallable contingent interest notes due Oct. 31, 2019 linked to the least performing of the Russell 2000 index and the S&P 500 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 7.25% if each index closes at or above its 70% coupon barrier on the related quarterly review date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the first and final dates.
The payout at maturity will be par unless any index finishes below its initial level and any index every closes below its 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing index.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
|
| Amount: | $4,039,000
|
| Maturity: | Oct. 31, 2019
|
| Coupon: | 7.25% annualized, payable each quarter that each index closes at or above coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index falls and any index ever closes below trigger level during life of notes, in which case 1% loss for each 1% decline of worst performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly review date other than the first and final dates
|
| Initial levels: | 1,670.805 for Russell, 2,816.29 for S&P
|
| Coupon barriers: | 1,169.5635 for Russell, 1,971.403 for S&P; 70% of initial levels
|
| Trigger levels: | 1,169.5635 for Russell, 1,971.403 for S&P; 70% of initial levels
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 3
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.25%
|
| Cusip: | 48129M6N1
|
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