Published on 10/17/2018 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $259,000 autocallable contingent interest notes linked to Twitter
Chicago, Oct. 17 – JPMorgan Chase Financial Co. LLC priced $259,000 of autocallable contingent interest notes due Sept. 30, 2020 linked to the common stock of Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Twitter stock closes at or above the trigger price – 60% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 11%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly review date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Twitter shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price. The final stock price will be the average of the closing share prices on the five trading days ending on the final review date.
J.P. Morgan Securities LLC is the underwriter.
| 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 stock: | Twitter, Inc. (NYSE: TWTR)
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| Amount: | $259,000
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| Maturity: | Sept. 30, 2020
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| Coupon: | 11%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if Twitter shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | Automatically at par plus contingent coupon if Twitter shares close at or above initial price on a quarterly review date
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| Review dates: | Dec. 26, 2018, March 25, 2019, June 25, 2019, Sept. 25, 2019, Dec. 26, 2019, March 25, 2020, June 25, 2020 and Sept. 25, 2020
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| Initial share price: | $29.11
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| Trigger price: | $17.466, 60% of initial price
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 28
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| Underwriters: | J.P. Morgan Securities LLC
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| Fees: | 3%
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| Cusip: | 48130ULT0
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