By Marisa Wong
Morgantown, W.Va., Aug. 28 – JPMorgan Chase Financial Co. LLC priced $640,000 of callable contingent interest notes due Aug. 25, 2021 linked to the lesser performing of the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Metals & Mining ETF, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase & Co. is the guarantor.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.5% if each fund closes at or above its coupon barrier, 60% of its initial value, on the review date for that quarter.
The notes will be callable at par plus the contingent coupon, if any, on any interest payment date, other than the first and final payment dates.
If the notes have not been called, the payout at maturity will be par plus the final coupon if both funds finish at or above their trigger value, 60% of their respective initial values. Otherwise investors will lose 1% for each 1% decline of the lesser-performing fund.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying ETFs: | VanEck Vectors Gold Miners exchange-traded fund and SPDR S&P Metals & Mining ETF
|
| Amount: | $640,000
|
| Maturity: | Aug. 25, 2021
|
| Coupon: | Notes pay quarterly contingent coupon at annual rate of 9.5% if each fund closes at or above coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either fund finishes below trigger value, in which case 1% loss for each 1% decline of lesser-performing fund
|
| Call option: | At par plus contingent coupon on any interest payment date other than first and final dates
|
| Initial values: | $22.93 for VanEck and $29.88 for SPDR
|
| Coupon barriers: | $13.758 for VanEck and $17.928 for SPDR; 60% of initial values
|
| Trigger values: | $13.758 for VanEck and $17.928 for SPDR; 60% of initial values
|
| Pricing date: | Aug. 18
|
| Settlement date: | Aug. 25
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.5%
|
| Cusip: | 46647MP49
|
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