By Marisa Wong
Morgantown, W.Va., Oct. 26 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due Nov. 15, 2017 linked to the lesser performing of the American Depositary Shares of Banco Santander, SA and the American Depositary Shares of Banco Bilbao Vizcaya Argentaria, SA, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
If each stock closes at or above its strike price on May 11, 2017, the notes will be automatically called at par plus a contingent interest payment of 6.25%.
If the notes have not been automatically called and each stock closes at or above its 60% barrier level on May 11, 2017, the notes will pay a contingent interest payment of 6.25%. If each stock finishes at or above the barrier level, the notes will pay a final contingent interest payment of 6.25% plus any unpaid interest for the May 11, 2017 review date. If either stock finishes below the barrier level, investors will not receive any unpaid interest, the filing noted.
The payout at maturity will be par unless either stock finishes below the 60% trigger level, in which case investors will lose 1% for each 1% decline of the worse 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: | Banco Santander, SA (Symbol: SAN) and Banco Bilbao Vizcaya Argentaria, SA (Symbol: BBVA)
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| Amount: | $1 million
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| Maturity: | Nov. 15, 2017
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| Coupon: | 12.5% per year, payable if each stock closes at or above barrier level on May 11, 2017 or finishes at or above barrier level
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of lesser performing stock
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| Call: | At par plus 6.25% if each stock closes at or above strike price on May 11, 2017
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| Initial prices: | $4.84 for Santander, $6.96 for BBVA
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| Barrier/trigger levels: | $2.904 for Santander, $4.176 for BBVA; 60% of initial prices
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| Final levels: | Average of closing levels on five averaging days ending Nov. 10, 2017
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| Pricing date: | Oct. 24
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| Settlement date: | Oct. 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 46646E2T8
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