Published on 12/13/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $630,000 15.4% contingent interest callables on oil, biotech funds
By Susanna Moon
Chicago, Dec. 13 – JPMorgan Chase Financial Co. LLC priced $630,000 of callable contingent interest notes due Dec. 1, 2020 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 15.4% if each underlying asset closes at or above its 70% coupon barrier on the review date for that period.
The notes are callable at par on any interest payment date other than the final date.
The payout at maturity will be par unless either asset finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing fund.
The notes are guaranteed by JPMorgan Chase & Co.
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: | Callable contingent interest notes
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| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and SPDR S&P Biotech ETF
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| Amount: | $630,000
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| Maturity: | Dec. 1, 2020
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| Coupon: | 15.4% annualized, payable semiannually if each asset closes at or above 70% coupon barrier on review date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below 60% trigger, in which case 1% loss for each 1% decline of worse performing fund
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| Call option: | At par on any interest payment date other than the final date beginning May 29, 2019
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| Initial levels: | $33.70 for oil fund, $77.87 for biotech fund
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| Coupon barriers: | $23.59 for oil fund, $54.509 for biotech fund, 70% of initial levels
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| Trigger levels: | $20.22 for oil fund, $46.722 for biotech fund, 60% of initial levels
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| Pricing date: | Nov. 21
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| Settlement date: | Nov. 29
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48130WDP3
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