By Devika Patel
Knoxville, Tenn., March 9 – JPMorgan Chase Financial Co. LLC priced $1.53 million of autocallable contingent interest notes due March 12, 2020 linked to the lesser performing of the SPDR S&P Biotech 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.
JPMorgan Chase & Co. is the guarantor.
Each month, the notes will pay a contingent coupon at an annual rate of 12.25% if each fund closes at or above its coupon barrier level, 60% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly review date from Sept. 7, 2017 through Dec. 9, 2019.
If the notes have not been called, the payout at maturity will be par if both funds finish above their trigger value, 60% of their respective initial levels.
Otherwise investors will lose 1% for each 1% decline of the lesser-performing fund.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying ETFs: | SPDR S&P Biotech and SPDR S&P Oil & Gas Exploration & Production
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| Amount: | $1,527,000
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| Maturity: | March 12, 2020
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| Coupon: | Notes pay monthly contingent coupon at annual rate of 12.25% if each fund closes at or above coupon barrier level on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below 60% of its initial value, in which case 1% loss for each 1% decline of lesser-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial level on any quarterly review date from Sept. 7, 2017 through Dec. 9, 2019
|
| Initial levels: | $69.59 for SPDR S&P Biotech and $37.56 for SPDR S&P Oil & Gas
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| Coupon barrier/trigger values: | $41.754 for SPDR S&P Biotech and $22.536 for SPDR S&P Oil & Gas; 60% of initial levels
|
| Pricing date: | March 7
|
| Settlement date: | March 10
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.6583%
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| Cusip: | 46646QMM4
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