Published on 11/30/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.22 million contingent interest autocallables on telecom stocks
By Devika Patel
Knoxville, Tenn., Nov. 30 – JPMorgan Chase Financial Co. LLC priced $2.22 million of autocallable contingent interest notes due Nov. 27, 2019 linked to the least performing of the common stocks of AT&T Inc., Verizon Communications Inc. and T-Mobile US, Inc. and the American Depositary Shares of Vodafone Group plc, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each month, the notes will pay a contingent coupon at an annual rate of 9.35% if each stock closes at or above its 55% barrier level on the review date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its strike level on any quarterly review date other than the first, second and final review dates.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 55% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | AT&T Inc. (Symbol: T), Verizon Communications Inc. (Symbol: VZ), T-Mobile US, Inc. (Symbol: TMUS), Vodafone Group plc (Symbol: VOD)
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| Amount: | $2,215,000
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| Maturity: | Nov. 27, 2019
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| Coupon: | 9.35%, payable monthly if each stock closes at or above barrier level on monthly review date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of least performing stock
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above strike price on any quarterly review date other than the first, second and final review dates
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| Initial prices: | $38.55 for AT&T, $49.49 for Verizon, $54.24 for T-Mobile, $25.18 for Vodafone
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| Barrier prices: | $21.2025 for AT&T, $27.2195 for Verizon, $29.832 for T-Mobile, $13.849 for Vodafone; 55% of initial prices
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 28
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.3265%
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| Cusip: | 46646QAU9
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