Published on 4/30/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 6.4% contingent interest callables tied to Dow, S&P 500
By Susanna Moon
Chicago, April 30 – JPMorgan Chase Financial Co. LLC priced $1 million of callable contingent interest notes due April 27, 2026 linked to the lesser performing of the Dow Jones industrial average and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.4% if each index closes at or above its 75% coupon barrier on the review date for that month.
The notes are callable at par on any quarterly review date after one year.
The payout at maturity will be par unless either index finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Callable contingent interest notes
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Underlying indexes: | Dow Jones industrial average, S&P 500 index
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Amount: | $1,003,000
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Maturity: | April 27, 2026
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Coupon: | 6.4% annualized, payable monthly if each index closes at or above 75% coupon barrier on review date for that month
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Price: | Par
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Payout at maturity: | Par unless either index closes below 60% trigger, in which case 1% loss for each 1% decline of worse performing index
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Call option: | At par plus contingent coupon on any quarterly review date after one year
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Initial levels: | 24,462.94 for Dow, 2,670.14 for S&P
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Coupon barriers: | 18,347.205 for Dow, 2,002.605 for S&P, 75% of initial levels
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Trigger levels: | 14,677.764 for Dow, 1,602.084 for S&P, 60% of initial levels
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Pricing date: | April 20
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Settlement date: | April 27
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.25%
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Cusip: | 48129MMN3
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