By Marisa Wong
Madison, Wis., Dec. 26 – JPMorgan Chase & Co. priced $9.29 million of range accrual notes due Dec. 24, 2029 linked to the S&P 500 index and six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
For the first five years, up to but excluding Dec. 24, 2019, interest will accrue at an annual rate of 5% for each day on which six-month Libor is greater than 0% and less than or equal to 4% and the S&P 500 index closes at a level of 75% or more of its initial value.
For the next five years, from Dec. 24, 2019 up to Dec. 24, 2024, interest will accrue at an annual rate of 7% for each day on which six-month Libor is greater than 0% and less than or equal to 5% and the S&P 500 index closes at a level of 75% or more of its initial value.
For the final five years, from Dec. 24, 2024 up to the maturity date, interest will accrue at an annual rate of 9% for each day on which six-month Libor is greater than 0% and less than or equal to 6% and the S&P 500 index closes at a level of 75% or more of its initial value.
Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable at par on any quarterly call date beginning on Dec. 24, 2019.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Range accrual notes
|
| Underlyings: | Six-month Libor, S&P 500 index
|
| Amount: | $9,287,000
|
| Maturity: | Dec. 24, 2029
|
| Coupon: | For first five years, 5% per year for each day that six-month Libor is between 0% and 4% and index closes at or above reference level; from Dec. 24, 2019 up to Dec. 24, 2024, 7% per year for each day that six-month Libor is between 0% and 5% and index closes at or above reference level; from Dec. 24, 2024 up to maturity date, 9% per year for each day that six-month Libor is between 0% and 6% and index closes at or above reference level; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At par on any quarterly call date beginning on Dec. 24, 2019
|
| Initial level: | 2,070.65
|
| Reference level: | 1,552.9875, 75% of initial level
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 24
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.5%
|
| Cusip: | 48127DPG7
|
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