By Angela McDaniels
Tacoma, Wash., June 25 – JPMorgan Chase Financial Co. LLC priced $1.82 million of callable contingent interest notes due June 24, 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.
Every six months, the notes will pay a contingent coupon at the rate of 11.1% per year if each ETF closes at or above its trigger value, 55% of its initial share price, on the review date for that semiannual period.
The notes are callable at par on any interest payment date other than the final interest payment date.
If the notes have not been called, the payout at maturity will be par unless either ETF finishes below its trigger value, in which case investors will be exposed to the decline of the lesser-performing ETF from its initial share price.
The notes are guaranteed by JPMorgan Chase & Co.
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: | $1,815,000
|
| Maturity: | June 24, 2022
|
| Coupon: | 11.1% per year, payable semiannually if each ETF closes at or above trigger value on review date for that semiannual period
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF finishes below trigger value, in which 1% loss for every 1% that lesser-performing ETF finishes below initial share price
|
| Call option: | At par on any interest payment date other than final interest payment date
|
| Initial share prices: | $87.26 for biotech ETF and $26.71 for oil ETF
|
| Trigger values: | $47.933 for biotech ETF and $14.6905 for oil ETF, or 55% of initial share prices
|
| Pricing date: | June 21
|
| Settlement date: | June 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48132CSD6
|
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