By Susanna Moon
Chicago, Jan. 27 – JPMorgan Chase & Co. priced $2.24 million of autocallable contingent interest notes due Jan. 26, 2018 linked to the worse performing of the common stocks of Bank of America Corp. and Wells Fargo & Co., according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.8% if each underlying stock closes at or above the 70% barrier level on a review date for that quarter.
If each stock closes at or above its initial level on any review date, the notes will be called at par plus the coupon.
The payout at maturity will be par unless either stock finishes below its 70% barrier level, in which case investors will be fully exposed to any losses of the worst performing stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Bank of America Corp. (Symbol: BAC) and Wells Fargo & Co. (Symbol: WFC)
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| Amount: | $2,238,000
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| Maturity: | Jan. 26, 2018
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| Coupon: | 8.8% per year, payable quarterly if each stock closes at or above its barrier level on the observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock falls below barrier level, in which case full exposure to any losses of worst performing component
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| Call: | At par plus the coupon if each stock closes at or above its initial level on any review date
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| Barrier levels: | 70% of initial levels
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| Pricing date: | Jan. 23
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| Settlement date: | Jan. 28
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.35%
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| Cusip: | 48127D5Y0
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