Published on 10/31/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $500,000 callable contingent interest notes on stocks
By Sarah Lizee
Olympia, Wash., Oct. 31 – JPMorgan Chase Financial Co. LLC priced $500,000 of callable contingent interest notes due Oct. 29, 2021 linked to the least performing of common stocks of Kinder Morgan, Inc., Western Gas Partners, LP and Plains All American Pipeline, LP, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10% if each stock closes at or above its coupon barrier, 50% of its initial price, on the review date for that quarter.
The notes may be called in whole but not in part at par plus the coupon on any interest payment date except the first and final payment dates.
The payout at maturity will be par plus the final coupon, if any, unless any stock finishes below its trigger price, 50% of its initial price, in which case investors will lose 1% for every 1% decline of the least-performing stock from its initial price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
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| Underlying stocks: | Kinder Morgan, Inc., Western Gas Partners, LP and Plains All American Pipeline, LP
|
| Amount: | $500,000
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| Maturity: | Oct. 29, 2021
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| Coupon: | 10% per year, payable each quarter that each stock closes at or above coupon barrier on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, if any, unless any stock finishes below its trigger price, in which case 1% loss for every 1% decline of least-performing stock from initial price
|
| Call: | Callable at par plus coupon on any interest payment date other than first and final dates
|
| Initial prices: | $16.59 for Kinder Morgan, $41.78 for Western, $22.14 for Plains
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| Coupon barriers: | $8.295 for Kinder Morgan, $20.89 for Western, $11.07 for Plains; 50% of initial prices
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| Trigger prices: | $8.295 for Kinder Morgan, $20.89 for Western, $11.07 for Plains; 50% of initial prices
|
| Pricing date: | Oct. 26
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| Settlement date: | Nov. 2
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.2%
|
| Cusip: | 48130UL52
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