New Issue: JPMorgan prices $3 million range accrual notes tied to Libor, S&P 500

By Marisa Wong

Madison, Wis., July 1 – JPMorgan Chase & Co. priced $3 million of range accrual notes due June 30, 2030 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is equal to the interest factor multiplied by the proportion of days on which six-month Libor is greater than or equal to 0% and less than or equal to 5% and the index’s closing level is at least 60% of its initial level. The interest factor will be 5% for the first five years, stepping up to 7.5% on June 30, 2020 and to 10% on June 30, 2025. Interest is payable quarterly.

The payout at maturity will be par.

Beginning June 30, 2020, the notes will be callable at par on any quarterly redemption date.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Range accrual notes
Underlyings:	Six-month Libor, S&P 500 index
Amount:	$3 million
Maturity:	June 30, 2030
Coupon:	Interest factor multiplied by proportion of days on which index closes at or above reference level and six-month Libor is between 0% and 5%; interest factor is 5% for first five years, stepping up to 7.5% on June 30, 2020 and to 10% on June 30, 2025; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	Beginning June 30, 2020, at par on any quarterly redemption date
Initial index level:	2,102.31
Reference level:	1,261.386, 60% of initial level
Pricing date:	June 25
Settlement date:	June 30
Agent:	J.P. Morgan Securities LLC
Fees:	2.5%
Cusip:	48125UTL6

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