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JPMorgan plans six-year digital contingent coupon CDs linked to stocks
By Susanna Moon
Chicago, Sept. 5 - JPMorgan Chase Bank, NA plans to price digital contingent coupon certificates of deposit due Sept. 30, 2019 linked to a basket of 10 equally weighted common stocks, according to a term sheet.
The underlying companies are Bristol-Myer's Squibb Co., Kimberly-Clark Corp., Coca-Cola Co., McDonald's Corp., Procter & Gamble Co., Philip Morris International Inc., Reynolds American Inc., Southern Co., AT&T Inc. and Unilever plc.
Interest is payable annually and will equal the sum of the weighted performances of the basket stocks.
If a stock's return is greater than or equal to zero, its performance will be equal to the coupon cap of at least 7%. Otherwise, its performance will be equal to the greater of its return and negative 15%.
The payout at maturity will be par plus the final coupon.
J.P. Morgan Securities LLC is the agent.
The CDs will price on Sept. 25 and settle on Sept. 30.
The Cusip number is 48124J3S5.
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