By Kiku Steinfeld
Chicago, Oct. 5 – JPMorgan Chase Financial Co. LLC priced $2.5 million of autocallable contingent interest notes due July 27, 2022 linked to the common stock of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes pay a quarterly contingent interest payment at an annual rate of 16.7% if the stock closes above its 70% coupon barrier level on the relevant review date. Previously unpaid contingent interest payments, if any, will be paid whenever an interest payment is made.
If the stock closes above its initial level on any quarterly review date other than the final, the notes will be automatically called at par.
The payout at maturity will be par if the final level of the stock closes at or above its trigger price, 70% of its initial price.
Otherwise, investors will be fully exposed to the decline of the stock.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying stock: | Freeport-McMoRan Inc.
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Amount: | $2.5 million
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Maturity: | July 27, 2022
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Coupon: | 16.7% annual rate, payable quarterly plus any previously unpaid coupons if stock closes at or above coupon barrier on review date for that period
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Price: | Par
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Payout at maturity: | Par if stock finishes above trigger price; otherwise, full exposure to losses of stock
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Call: | At par if stock finishes above initial level on quarterly review date other than the final
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Initial price: | $36.50
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Coupon barrier level: | $25.55; 70% of initial price
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Trigger level: | $25.55; 70% of initial price
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Pricing date: | July 9
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Settlement date: | July 14
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 48132UZM8
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