JPMorgan plans contingent income autocallables on Schlumberger

By Sarah Lizee

Olympia, Wash., Aug. 23 – JPMorgan Chase Financial Co. LLC plans to price contingent income autocallable securities due March 4, 2020 tied to the common stock of Schlumberger NV, according to an FWP filing with the Securities and Exchange Commission.

If the shares close at or above the downside threshold level, 70% of the initial share price, on a monthly determination date, the notes will pay a contingent payment that month at an annualized rate of at least 12%. The exact rate will be set at pricing.

The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial share price on any monthly determination date other than the final determination date.

If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.

The notes will be guaranteed by JPMorgan Chase & Co.

J.P. Morgan Securities LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.

The notes are expected to price Aug. 30.

The Cusip number is 48132G872.

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