By William Gullotti
Buffalo, N.Y., Nov. 1 – JPMorgan Chase Financial Co. LLC priced $15.3 million of buffered callable range accrual notes due Oct. 31, 2028 linked to 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 interest rate is 8% per year multiplied by the proportion of days on which the index's closing level is greater than or equal to 85% of the initial index level. Interest is payable monthly.
The notes will be callable at par on any interest payment date after one year.
If the notes are not called and the index finishes at or above its 85% buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 15%.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Buffered callable range accrual notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $15,302,000
|
| Maturity: | Oct. 31, 2028
|
| Coupon: | 8% annualized for each day index closes at or above 85% threshold; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if index finishes at or above buffer level; otherwise, 1% loss for every 1% decline beyond 15%
|
| Call option: | At par on any interest payment date after one year
|
| Initial level: | 4,137.23
|
| Accrual threshold: | 3,516.6455; 85% of initial level
|
| Buffer level: | 85% of initial level
|
| Pricing date: | Oct. 26
|
| Settlement date: | Oct. 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.5%
|
| Cusip: | 48134BLU5
|
|
|
© 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.
