JPMorgan plans contingent income autocallable notes on Schlumberger

By Devika Patel

Knoxville, Tenn., July 13 – JPMorgan Chase Financial Co. LLC plans to price contingent income autocallable securities due Jan. 22, 2021 linked to Schlumberger Ltd. common shares, 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 monthly coupon at an annualized rate of at least 15% if Schlumberger stock closes at or above its 50% downside threshold level on the observation date for that month. The exact coupon will be set at pricing.

The notes will be redeemed at par of $10 plus the contingent payment if the stock closes at or above the initial level on any determination date other than the final date beginning on Aug. 17.

The payout at maturity will be par plus the final coupon unless the stock finishes below the 50% downside threshold level, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.

J.P. Morgan Securities LLC is the agent, with Morgan Stanley Smith Barney LLC handling distribution.

The notes (Cusip: 48132L517) are expected to price on July 17 and settle three business days after pricing.

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