Published on 2/27/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $6.68 million callable contingent interest notes tied to index, funds
By Wendy Van Sickle
Columbus, Ohio, Feb. 27 – JPMorgan Chase Financial Co. LLC priced $6.68 million of callable contingent interest notes due Aug. 25, 2021 linked to the least performing of the S&P 500 index, the SPDR S&P Oil & Gas Exploration & Production ETF and the iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.05% if each underlying index or fund closes at or above its 75% coupon barrier on review date for that quarter.
The notes will be callable at par on any quarterly optional call date after six months.
The payout at maturity will be par unless any underlying component finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing index or fund.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF and iShares MSCI EAFE ETF
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| Amount: | $6,675,000
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| Maturity: | Aug. 25, 2021
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| Coupon: | 13.05% annualized, payable quarterly if each underlying component closes at or above 60% coupon barrier on review date that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any component finishes below trigger level, in which case 1% loss for each 1% decline of worst performing index or fund
|
| Call: | Callable at par on any quarterly optional call date after six months
|
| Initial levels: | 2,176.26 for S&P, $70.75 for EAFE and $33.82 for Oil & Gas
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| Coupon barriers: | 2,037.195 for S&P, $53.0625 for EAFE and $25.365 for Oil & Gas; 75% of initial levels
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| Trigger levels: | 1,358.13 for S&P, $35.375 for EAFE and $16.91 for Oil & Gas; 50% of initial levels
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| Pricing date: | Feb. 20
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| Settlement date: | Feb. 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48129H5A1
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