By Angela McDaniels
Tacoma, Wash., Oct. 10 – JPMorgan Chase Financial Co. LLC priced $2.1 million of autocallable contingent interest notes due Oct. 8, 2020 linked to the least performing of the SPDR S&P 500 ETF trust, the iShares Russell 2000 exchange-traded fund and the SPDR Euro Stoxx 50 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Beginning one year after issuance, if each ETF closes at or above its trigger value, 60% of its initial share price, on a semiannual review date, the notes will pay a contingent coupon at the rate of 5.75% per year plus any previously unpaid contingent interest payments for any prior review dates.
If each ETF closes at or above its initial share price on Oct. 5, 2018, April 5, 2019, Oct. 7, 2019 or April 6, 2020, the notes will be automatically called at par plus the contingent coupon and any previously unpaid contingent interest payments.
If the notes have not been called, the payout at maturity will be par plus interest plus any previously unpaid interest unless any ETF finishes below its trigger value, in which case investors will lose 1% for every 1% that the least-performing ETF finishes below its initial share price.
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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| Underlying ETFs: | SPDR S&P 500 ETF trust, iShares Russell 2000 ETF and SPDR Euro Stoxx 50 ETF
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| Amount: | $2.1 million
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| Maturity: | Oct. 8, 2020
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| Coupon: | Beginning one year after issuance, if each ETF closes at or above trigger value on semiannual review date, notes will pay contingent coupon at rate of 5.75% per year plus any previously unpaid contingent interest payments for any prior review dates
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| Price: | Par
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| Payout at maturity: | Par plus interest plus any previously unpaid interest unless any ETF finishes below trigger value, in which case 1% loss for every 1% that least-performing ETF finishes below initial share price
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| Call: | If each ETF closes at or above initial share price on Oct. 5, 2018, April 5, 2019, Oct. 7, 2019 or April 6, 2020, notes will be automatically called at par plus contingent coupon and any previously unpaid contingent interest payments
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| Initial share prices: | $254.66 for S&P trust, $150.26 for Russell ETF and $41.15 for Euro Stoxx 50 ETF (closing share prices on Oct. 5)
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| Trigger values: | $152.796 for S&P trust, $90.156 for Russell ETF and $24.69 for Euro Stoxx 50 ETF; 60% of initial share prices
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 12
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48129HFT9
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