Published on 10/31/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $800,000 contingent interest autocalls tied to funds, index
By Wendy Van Sickle
Columbus, Ohio, Oct. 31 – JPMorgan Chase Financial Co. LLC priced $800,000 of autocallable contingent interest notes due Oct. 29, 2020 linked to the least performing of the Euro Stoxx 50 index, the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11.8% if each asset closes at or above its 70% coupon barrier on the review date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly autocall review date after six months.
The payout at maturity will be par unless any asset finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing asset.
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: | Autocallable contingent interest notes
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| Underlying assets: | SPDR S&P Biotech ETF, the SPDR S&P Oil & Gas Exploration & Production ETF and Euro Stoxx 50 index
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| Amount: | $800,000
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| Maturity: | Oct. 29, 2020
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| Coupon: | 11.8% annualized, payable monthly if each asset closes at or above 70% coupon barrier on review date
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below 60% trigger, in which case 1% loss for each 1% decline of worse performing asset
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly autocall review date after six months
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| Initial levels: | 3,164.4 for Stoxx, $36.33 for Oil & Gas, $80.44 for Biotech
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| Coupon barriers: | 2,215.08 for Stoxx, $25.431 for Oil & Gas, $56.308 for Biotech, 70% of initial levels
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| Trigger levels: | 1,898.64 for Stoxx, $21.798 for Oil & Gas, $48.264 for Biotech, 60% of initial levels
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48130UM85
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