By Toni Weeks
San Luis Obispo, Calif., June 27 – JPMorgan Chase & Co. priced $3 million of buffered callable range accrual notes due June 30, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 5% for each day that the index closes at or above the 80% strike level. Interest is payable monthly.
The payout at maturity will be par if the index finishes at or above the 80% index strike level. Investors will lose 1% for every 1% index decline beyond the 20% buffer.
The notes are callable at par on any monthly call date after one year.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Buffered callable range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $3 million
|
| Maturity: | June 30, 2021
|
| Coupon: | 5% for each day that index is at or above index strike level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if index falls by up to strike level; otherwise, 1% loss for every 1% index decline beyond 20%
|
| Call option: | At par on any monthly date beginning June 30, 2015
|
| Initial level: | 1,959.53
|
| Index strike: | 1,567.624, 80% of initial level
|
| Pricing date: | June 25
|
| Settlement date: | June 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 4.25%
|
| Cusip: | 48127DKQ0
|
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