By Marisa Wong
Morgantown, W.Va., Sept. 21 – JPMorgan Chase Financial Co. LLC priced $9.65 million of contingent coupon autocallable yield notes due Sept. 20, 2018 linked to the worst performing of the iShares Nasdaq Biotechnology exchange-traded fund, the SPDR S&P Bank ETF and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes pay a contingent coupon at an annualized rate of 14% if the worst performing fund closes at or above the coupon barrier price, 75% of the initial price, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each fund closes at or above the initial share price on any quarterly valuation date other than the final one.
If the final share price of the worst performing fund is greater than or equal to the 75% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline of the worst performing fund.
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: | Contingent coupon autocallable yield notes
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| Underlying ETFs: | iShares Nasdaq Biotechnology exchange-traded fund, the SPDR S&P Bank ETF and the Technology Select Sector SPDR fund
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| Amount: | $9,651,000
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| Maturity: | Sept. 20, 2018
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| Coupon: | 14% per year, payable each quarter that the worst performing fund closes at or above the coupon barrier price on the observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | If the final share price of the worst performing fund is greater than or equal to the trigger price, par plus the contingent coupon; otherwise, investors will be fully exposed to the decline of the worst performing fund
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| Call: | Automatically at par plus the contingent coupon if each fund closes at or above the initial share price on any quarterly valuation date other than the final one
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| Initial prices: | $291.63 for biotech ETF, $33.02 for bank ETF and $47.21 for tech ETF
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| Barrier/trigger prices: | $218.7225 for biotech ETF, $24.765 for bank ETF and $35.4075 for tech ETF; 75% of initial price
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.75%
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| Cusip: | 46646EA85
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