Published on 10/31/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1 million contingent interest autocallables on two indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 31 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due April 30, 2020 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 quarterly coupon at an annual rate of 10.4% if each index closes above its interest barrier level, 70% of its initial level, on the review date for that quarter.
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 plus the final coupon unless either index finishes below its initial level and either index ever closes below its 70% trigger level during the life of the notes, in which case investors will lose 1% for each 1% decline of the least performing index from its initial level.
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: | S&P 500, Russell 2000
|
| Amount: | $1 million
|
| Maturity: | April 30, 2020
|
| Coupon: | 10.4% annualized, payable quarterly if each index closes above its interest barrier level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless either index finishes below its initial level and closes below its trigger level during the life of the notes, in which case 1% loss for each 1% decline of lesser performing index from initial level
|
| 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: | 1,500.396 for the Russell, 2,705.57 for the S&P
|
| Interest barrier levels: | 1,050.2772 for the Russell, 1,893.899 for the S&P, 70% of initial levels
|
| Trigger levels: | 1,050.2772 for the Russell, 1,893.899 for the S&P, 70% of initial levels
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.35%
|
| Cusip: | 48130UN68
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
