By Susanna Moon
Chicago, Jan. 4 – JPMorgan Chase & Co. priced $2.35 million of callable contingent interest notes due Jan. 3, 2019 linked to the worst performing of the common stock of Honeywell International Inc., the class B common stock of United Parcel Service, Inc. and the common stock of Valero Energy Corp., according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10.6% if each stock closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly review date.
The payout at maturity will be par unless any stock finishes below its 55% trigger level, in which case investors will be fully exposed to any losses of the worse performing stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlyings: | Honeywell International Inc. (Symbol: HON), United Parcel Service, Inc. (Symbol: UPS) and Valero Energy Corp. (Symbol: VLO)
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| Amount: | $2.35 million
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| Maturity: | Jan. 3, 2019
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| Coupon: | 10.6%, payable monthly if each stock closes at or above barrier level on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock ends below trigger level, in which case full exposure to any losses of worst performing stock
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| Call: | At par if each stock closes at or above its initial level on any quarterly review date
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| Initial levels: | $104.33 for Honeywell, $97.00 for UPS and $70.62 for Valero
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| Barrier levels: | $67.8145 for Honeywell, $63.05 for UPS and $45.903 for Valero; 65% of initial levels
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| Trigger levels: | $57.3815 for Honeywell, $53.35 for UPS and $38.841 for Valero; 55% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Dec. 31
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.35%
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| Cusip: | 48128GFK1
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