By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – JPMorgan Chase Financial Co. LLC priced $11.58 million of contingent income autocallable securities due Dec. 7, 2023 linked to the worst performing of the common stocks of American Express Co., Discover Financial Services and Capital One Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes pay a contingent quarterly coupon at an annual rate of 11.75% if the shares of all stocks close at or above their 60% downside threshold levels on the observation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on any quarterly determination date other than the final one, after six months.
The payout at maturity will be par plus any coupons due unless any stock finishes below its 60% downside threshold level, in which case investors will lose 1% for each 1% decline from the initial price for the worst performer.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | American Express Co.,Discover Financial Services and Capital One Financial Corp.
|
| Amount: | $11,579,000
|
| Maturity: | Dec. 7, 2023
|
| Coupon: | 11.75% per year, payable quarterly if least-performing stock closes at or above 65% coupon barrier on observation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par of $10
|
| Payout at maturity: | If least-performing stock’s final share price is greater than or equal to downside threshold level, par plus any coupon due; otherwise, 1% loss for every 1% that least-performing stock’s final share price is less than initial share price
|
| Call: | At par plus contingent coupon if each stock closes at or above initial share price on any quarterly determination date other than the final one, after six months
|
| Initial share prices: | $125.04 for American Express, $82.70 for Discover and $92.24 for Capital One
|
| Downside thresholds: | $75.024 for American Express, $49.62 for Discover and $55.344 for Capital One, 60% of initial level
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 9
|
| Agent: | J.P. Morgan Securities LLC | with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 2.5%
|
| Cusip: | 48132N174
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
