Published on 9/28/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.75 million contingent interest callable notes on indexes, fund
By Susanna Moon
Chicago, Sept. 28 – JPMorgan Chase Financial Co. LLC priced $3.75 million of callable contingent interest notes due March 30, 2020 linked to least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if each component closes at or above its coupon barrier level, 70% of its initial level, on the review date for that quarter.
The notes will be callable at par plus the contingent coupon on any review date other than the first and final dates.
The payout at maturity will be par unless any component finishes below its 55% trigger level, in which case investors will be fully exposed to any losses of the worst performing component.
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: | Callable contingent interest notes
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Underlyings: | S&P 500, Russell 2000 and iShares MSCI EAFE ETF
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Amount: | $3,745,000
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Maturity: | March 30, 2020
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Coupon: | 9.75% annualized, payable quarterly if each component closes at or above 70% barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any component finishes below trigger level, in which case full exposure to any losses of the worst performing component
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Call option: | At par plus contingent coupon on any review date other than first and final dates
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Initial levels: | 2,164.69 for S&P, 1,254.623 for Russell, $59.26 for EAFE fund
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Coupon barriers: | 1,515.283 for S&P, 878.2361 for Russell, $41.482 for EAFE fund; 70% of initial levels
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Trigger levels: | 1,190.5795 for S&P, 690.04265 for Russell, $32.593 for EAFE fund; 55% of initial levels
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Pricing date: | Sept. 23
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Settlement date: | Sept. 28
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2%
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Cusip: | 46646EC83
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