By Devika Patel
Knoxville, Tenn., Oct. 31 – JPMorgan Chase Financial Co. LLC priced $2.44 million of autocallable contingent interest notes due Oct. 29, 2021 linked to the lesser performing of the SPDR S&P 500 exchange-traded fund Trust and the iShares Russell 2000 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase & Co. is the guarantor.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7% if each fund closes at or above its coupon barrier level, 60% of its initial level, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly review date other than the first and final review dates.
If the notes have not been called, the payout at maturity will be par if both funds close above their trigger value, 60% of their respective initial levels.
Otherwise investors will lose 1% for each 1% decline of the lesser-performing fund.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying ETFs: | SPDR S&P 500 exchange-traded fund Trust and iShares Russell 2000 exchange-traded fund
|
| Amount: | $2,435,000
|
| Maturity: | Oct. 29, 2021
|
| Coupon: | Notes pay quarterly contingent coupon at annual rate of 7% if each fund closes at or above coupon barrier level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below 60% of its initial value, in which case 1% loss for each 1% decline of lesser-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial level on any quarterly review date other than first and final ones
|
| Initial levels: | $213.74 for SPDR S&P 500 and $119.73 for iShares Russell 2000
|
| Coupon barrier/trigger values: | $128.244 for SPDR S&P 500 and $71.838 for iShares Russell 2000; 60% of initial levels
|
| Pricing date: | Oct. 26
|
| Settlement date: | Oct. 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 46646EX64
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
