Published on 7/9/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $7.58 million contingent interest autocalls on four tech stocks
By Wendy Van Sickle
Columbus, Ohio, July 9 – JPMorgan Chase Financial Co. LLC priced $7.58 million of autocallable contingent interest notes due June 30, 2021 linked to the least performing of the class A common stock of Alphabet Inc., and the common stocks of Apple Inc., Amazon.com, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9% if each stock closes at or above its 50% coupon barrier on the review date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any review date other than the first through fifth and final dates.
The payout at maturity will be par unless any stock finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.
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 stock: | Alphabet Inc., Apple Inc., Amazon.com, Inc. and Netflix, Inc.
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Amount: | $7.58 million
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Maturity: | June 30, 2021
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Coupon: | 9% annualized, payable monthly if each stock closes at or above coupon barrier on review date for that month
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Price: | Par
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Payout at maturity: | Par unless any stock closes below trigger, in which case 1% loss for each 1% decline of worst performing stock
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any review date other than first through fifth and final dates
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Initial levels: | $1,663.15 for Alphabet, $384.48 for Netflix, $182.17 for Apple and $1,139.28 for Alphabet
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Trigger levels: | $831.575 for Alphabet, $192.24 for Netflix, $91.085 for Apple and $569.64 for Alphabet, 50% of initial levels
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Pricing date: | June 25
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Settlement date: | June 28
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.5%
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Cusip: | 48129M3K0
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