Published on 8/19/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.39 million contingent interest autocalls on indexes, ETF
By Sarah Lizee
Olympia, Wash., Aug. 19 – JPMorgan Chase Financial Co. LLC priced $2.39 million of autocallable contingent interest notes due Oct. 20, 2020 linked to the least performing of the Russell 2000 index, the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each month, the notes will pay a contingent coupon at the rate of 17.5% per year if each index closes at or above its interest barrier, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the first, second and final dates.
If the notes have not been called, the payout at maturity will be par plus any coupon due unless any index finishes below its initial level and any index ever closes below its trigger value, 65% of its initial level, on any day during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
|
Guarantor: | JPMorgan Chase & Co.
|
Issue: | Autocallable contingent interest notes
|
Underlying components: | Russell 2000 index, S&P 500 index and SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
|
Amount: | $2,386,000
|
Maturity: | Oct. 20, 2020
|
Coupon: | 17.5% per year, payable monthly if each index closes at or above interest barrier on review date for that month
|
Price: | Par
|
Payout at maturity: | Par plus any coupon due unless any index finishes below its initial level and any index ever closes below its trigger value on any day during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
|
Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date other than the first, second and final dates
|
Initial levels: | 1,461.648 for Russell, 2,847.60 for S&P and $20.78 for ETF
|
Interest barriers: | 1,023.1536 for Russell, 1,993.32 for S&P and $14.546 for ETF, 70% of initial levels
|
Trigger values: | 950.0712 for Russell, 1,850.94 for S&P and $13.507 for ETF, 65% of initial levels
|
Pricing date: | Aug. 15
|
Settlement date: | Aug. 20
|
Agent: | J.P. Morgan Securities LLC
|
Fees: | 0.66025%
|
Cusip: | 48132CW82
|
© 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.