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JPMorgan plans callable contingent interest notes tied to indexes, ETF
By Tali Rackner
Norfolk, Va., Oct. 29 – JPMorgan Chase & Co. plans to price callable contingent interest notes due May 9, 2019, linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index and fund closes at or above its barrier level, 70% of its initial level, on the review date for that quarter. The contingent coupon rate is expected to be between 9.5% and 10.5% per year and will be set at pricing.
The notes will be callable at par of $1,000 plus the contingent coupon on any interest payment date other than the first and final dates.
If the notes have not been called, the payout at maturity will be par unless either index or fund finishes below its trigger value, 60% of its initial level, in which case investors will be fully exposed to the decline of the least-performing index or fund.
J.P. Morgan Securities LLC is the agent.
The notes will price Nov. 2 and settle Nov. 5.
The Cusip number is 48128GBL3.
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