By Angela McDaniels
Tacoma, Wash., Oct. 2 – JPMorgan Chase & Co. priced $1.2 million range accrual notes due Sept. 30, 2030 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is equal to the interest factor multiplied by the proportion of days on which six-month Libor is greater than zero and less than or equal to 5% and the index’s closing level is at least 75% of its initial level. The interest factor is 6% per year for the first five years, 7% per year for the next five years and 10% per year for the final five years. Interest is payable quarterly.
The payout at maturity will be par.
Beginning Sept. 30, 2020, the notes will be callable at par on any quarterly redemption date.
The issuer said it may increase the issue size prior to settlement but is not required to do so.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Wealth Management.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Range accrual notes
|
| Underliers: | Six-month Libor, S&P 500 index
|
| Amount: | $1,198,000
|
| Maturity: | Sept. 30, 2030
|
| Coupon: | Interest factor multiplied by proportion of days on which six-month Libor is greater than zero and less than or equal 5% and index closes at or above minimum index level; payable quarterly
|
| Interest factor: | 5% per year for first five years, 7% per year for next five years and 10% per year for final five years
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | Beginning Sept. 30, 2020, at par on any quarterly redemption date
|
| Initial index level: | 1,931.34
|
| Index reference level: | 1,448.505, 75% of initial level
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 3.5%
|
| Cusip: | 48125UY48
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
