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JPMorgan plans contingent interest autocallables linked to oil index
By Angela McDaniels
Tacoma, Wash., May 22 – JPMorgan Chase Financial Co. LLC plans to price autocallable contingent interest notes due May 26, 2022 linked to the S&P GSCI Crude Oil Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon if the index closes at or above its trigger value, 80% of its initial level, on the review date for that quarter. The contingent coupon rate is expected to be 5.75% to 6.75% per year and will be set at pricing.
The notes will be automatically called at par plus the contingent coupon if the index closes at or above its initial level on any quarterly review date other than the first, second, third or final review dates.
If the notes have not been called, the payout at maturity will be par unless the index finishes below its trigger value, in which case investors will lose 1% for every 1% that the index declines beyond 20%.
J.P. Morgan Securities LLC is the agent.
The notes will price May 23.
The Cusip number is 46647MKN2.
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