JPMorgan plans callable contingent interest notes on biotech, oil ETFs

By Marisa Wong

Morgantown, W.Va., June 19 – JPMorgan Chase Financial Co. LLC plans to price callable contingent interest notes due June 30, 2020 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, 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 annual rate of 9.5% to 10.5% if each ETF closes at or above its trigger value, 55% of its initial level, on the review date for that quarter.

The notes are callable at par on any interest payment date other than the final interest payment date.

If the notes have not been called, the payout at maturity will be par unless either ETF finishes below its trigger value, in which case investors will be fully exposed to the decline of the lesser performing ETF.

J.P. Morgan Securities LLC is the agent.

The notes are expected to price June 23.

The Cusip number is 46647MFN8.

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