Published on 4/11/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.04 million contingent interest autocalls tied to index, ETFs
By Wendy Van Sickle
Columbus, Ohio, April 11 – JPMorgan Chase Financial Co. LLC priced $1.04 million of autocallable contingent interest notes due April 1, 2022 linked to the least performing of the Dow Jones industrial average, the SPDR S&P Bank ETF and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 8.75% if each asset closes at or above its 60% interest barrier on the review date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any review date other than the first, second, third and final dates.
The payout at maturity will be par unless any asset finishes below its 60% trigger level, in which case investors will be exposed to any losses of the least-performing asset.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying assets: | Dow Jones industrial average, SPDR S&P Bank ETF, Technology Select Sector SPDR fund
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| Amount: | $1,039,000
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| Maturity: | April 1, 2022
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| Coupon: | 8.75% annualized, payable quarterly if each asset closes at or above interest barrier on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below trigger level, in which case 1% loss for each 1% decline of least-performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any review date other than first, second, third and final dates
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| Initial values: | 24,103.11 for Dow, $47.89 for Bank ETF and $65.42 for Technology ETF
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| Barrier/trigger levels: | 14,461.866 for Dow, $28.743 for Bank ETF and $39.252 for Technology ETF, 60% of initial levels
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| Pricing date: | March 29
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| Settlement date: | April 4
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.4%
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| Cusip: | 48129MFV3
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