By Wendy Van Sickle
Columbus, Ohio, July 26 – JPMorgan Chase Financial Co. LLC priced $3.69 million of callable contingent interest notes due July 28, 2020 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase & Co. is the guarantor.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9% if each fund closes at or above its coupon barrier level, 55% of its initial level, on the review date for that quarter.
The notes will be callable at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly review date other than the final one.
If the notes have not been called, the payout at maturity will be par plus the final coupon if both funds close above their trigger value, 55% of their respective initial levels.
Otherwise investors will lose 1% for each 1% decline of the lesser-performing fund.
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: | Callable contingent interest notes
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| Underlying ETFs: | SPDR S&P Biotech and SPDR S&P Oil & Gas Exploration & Production
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| Amount: | $3,686,000
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| Maturity: | July 28, 2020
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| Coupon: | Notes pay quarterly contingent coupon at annual rate of 9% if each fund closes at or above coupon barrier level on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus coupon unless either fund finishes below 55% of its initial value, in which case 1% loss for each 1% decline of lesser-performing fund
|
| Call option: | At par plus contingent coupon on any quarterly review date other than final one
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| Initial levels: | $80.77 for Biotech and $31.65 for Oil & Gas
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| Coupon barrier/trigger values: | $44.4235 for Biotech and $17.4075 for Oil & Gas; 55% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.25%
|
| Cusip: | 46647MVT7
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