By Taylor Fox
New York, Nov. 5 – JPMorgan Chase Financial Co. LLC priced $3.45 million of contingent coupon callable yield notes due Oct. 13, 2022 linked to the SPDR S&P oil & gas exploration & production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes pay a contingent coupon at the rate of 13% per year if the ETF closes at or above the coupon barrier value, 55% of the initial share price, on the observation date for that quarter.
The notes are callable, in whole but not in part, at par plus any coupon on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus any coupon unless the ETF finishes below the trigger value, 55% of the initial share price, in which case investors will have one-to-one exposure to the ETF’s decline.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $3,451,000
|
| Maturity: | Oct. 13, 2022
|
| Contingent payment: | 13% per year, payable quarterly if ETF closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless share price finishes below trigger level, in which case investors will lose 1% for each 1% decline of the ETF
|
| Call option: | At par plus any coupon on any quarterly observation date after six months
|
| Initial share price: | $45.55
|
| Coupon barrier value: | $25.0525, 55% of initial share price
|
| Trigger value: | $25.0525, 55% of initial share price
|
| Pricing date: | Oct. 8
|
| Settlement date: | Oct. 14
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.75%
|
| Cusip: | 48132PNC4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
