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JPMorgan plans callable range accrual trigger notes tied to S&P 500
By Susanna Moon
Chicago, Nov. 17 – JPMorgan Chase Financial Co. LLC plans to price callable range accrual securities due Nov. 28, 2031 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.
Interest will accrue at 6.5% annualized for each day that the index closes at or above the 50% barrier level and six-month Libor is 5% or less. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par unless the index finishes below the 50% trigger level, in which case investors will be fully exposed to any losses.
The notes will be callable at par on any quarterly review date after one year.
J.P. Morgan Securities LLC is the agent.
The notes will price on Nov. 22 and settle on Nov. 28.
The Cusip number is 46646E6T4.
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