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JPMorgan to price contingent interest autocalls on indexes, ETF
By Sarah Lizee
Olympia, Wash., July 22 – JPMorgan Chase Financial Co. LLC plans to price autocallable contingent interest notes due Nov. 4, 2020 linked to the least performing of the Russell 2000 index, the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each month, the notes will pay a contingent coupon at the rate of 14% per year if each index closes at or above its interest barrier, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any monthly autocall review date.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its initial level and any index closes below its trigger value, 65% of its initial level, during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
J.P. Morgan Securities LLC is the agent.
The notes will price on July 30.
The Cusip number is 48132C6W8.
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