By Kiku Steinfeld
Chicago, Aug. 7 – JPMorgan Chase Financial Co. LLC priced $4.21 million of callable contingent interest notes due July 22, 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.
Every six months, the notes will pay a contingent coupon at an annual rate of 12% if each fund closes at or above its coupon barrier level, 55% of its initial level, on the semiannual review date for that period.
The notes will be callable at par plus any coupon due on any semiannual interest payment 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 initial levels.
Otherwise investors will lose 1% for each 1% decline of the worst-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
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| Underlying ETFs: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $4,206,000
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| Maturity: | July 22, 2022
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| Coupon: | 12% per year, payable semiannually 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
|
| Initial levels: | $85.61 for Biotech and $24.76 for Oil & Gas
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| Coupon barriers/triggers: | $47.0855 for Biotech and $13.618 for Oil & Gas, 55%of initial levels
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| Pricing date: | July 19
|
| Settlement date: | July 26
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | None
|
| Cusip: | 48132CXH1
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