Published on 4/21/2017 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.22 million autocallable contingent interest notes on index, ETFs
By Devika Patel
Knoxville, Tenn., April 21 – JPMorgan Chase Financial Co. LLC priced $2.22 million of autocallable contingent interest notes due April 23, 2021 linked to the lesser performing of the Russell 2000 index, the iShares MSCI EAFE exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing 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 7.75% if each underlying closes at or above its trigger level, 60% of its initial level, on any review date.
The notes will be called at par plus the contingent coupon if each underlying closes at or above its initial level on any review date other than the final one beginning on April 20, 2018.
The payout at maturity will be par plus the final coupon unless any underlying finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the worse performing underlying from its initial level.
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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Underlyings: | Russell 2000 index, the iShares MSCI EAFE exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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Amount: | $2,216,000
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Maturity: | April 23, 2021
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Coupon: | 7.75% annualized, payable quarterly if each underlying closes at or above trigger level on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any underlying finishes below trigger level, in which case 1% loss for each 1% decline of worse performing underlying from initial level
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Call: | At par plus contingent coupon if each underlying closes at or above initial level on any review date other than final one beginning on April 20, 2018
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Initial levels: | 1,367.133 for Russell, $61.44 for iShares, $34.95 for Oil & Gas
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Trigger levels: | 820.2798 for Russell, $36.864 for iShares, $20.97 for Oil & Gas; 60% of initial levels
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Pricing date: | April 19
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Settlement date: | April 24
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.15%
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Cusip: | 46646Q5N1
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