JPMorgan plans callable contingent interest notes on S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, Dec. 14 – JP Morgan Chase & Co. plans to price callable contingent interest notes due Dec. 30, 2020 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filed with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of at least 7% if each index closes at or above its barrier level, 65% of its initial level, on the review date for that quarter.

The notes are callable at par plus the contingent coupon on any interest payment date other than the final interest payment date.

If the notes have not been called, the payout at maturity will be par unless either index finishes below its barrier level, in which case investors will be fully exposed to the decline of the lesser-performing index.

J.P. Morgan Securities LLC is the agent.

The notes are expected to price on Dec. 22 and settle on Dec. 28.

The Cusip number is 48128GFX3.

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