By Sarah Lizee
Olympia, Wash., April 22 – JPMorgan Chase Financial Co. LLC priced $2.68 million of callable contingent interest notes due April 13, 2022 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.
The guarantor is JPMorgan Chase & Co.
Each six months, the notes will pay a contingent coupon at an annual rate of 11% if each fund closes at or above its coupon barrier level, 55% of its initial level, on the review date for that period.
The notes will be callable at par plus the contingent coupon on any semiannual review date other than the final date.
If the notes have not been called, the payout at maturity will be par plus the final coupon if both funds close above their trigger value, 55% 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: | Callable contingent interest notes
|
| Underlying ETFs: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $2.68 million
|
| Maturity: | April 13, 2022
|
| Coupon: | Notes pay semiannual contingent coupon at annual rate of 11% if each fund closes at or above coupon barrier level on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either fund finishes below 55% of its initial value, in which case 1% loss for each 1% decline of lesser-performing fund
|
| Call option: | At par plus the contingent coupon on any semiannual review date other than the final date
|
| Initial levels: | $84.63 for Biotech and $31.81 for Oil & Gas
|
| Coupon barriers/triggers: | $46.5465 for Biotech and $17.4955 for Oil & Gas, 55% of initial levels
|
| Pricing date: | April 18
|
| Settlement date: | April 26
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | None
|
| Cusip: | 48130WP88
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