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JPMorgan plans contingent interest autocallables on S&P, Wells Fargo
By Devika Patel
Knoxville, Tenn., Feb. 27 – JPMorgan Chase Financial Co. LLC plans to price autocallable contingent interest notes due March 4, 2020 linked to the lesser performing of the S&P 500 index and the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon if both underlyings close at or above their respective interest barrier levels, 60% of the initial level, on the review date for that quarter. The contingent coupon rate is expected to be at least 6% per year and will be set at pricing.
The notes will be automatically called at par plus the contingent coupon if both underlyings close at or above their respective initial levels on any review date beginning Feb. 28, 2018 and before the maturity date.
If the notes have not been called, the payout at maturity will be par plus the final coupon, if any, unless either underlying finishes below its trigger value, 50% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlying finishes below its initial level.
J.P. Morgan Securities LLC is the agent.
The notes (Cusip: 46646QLX1) will price on Feb. 28 and settle on March 3.
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