By Tali Rackner
Norfolk, Va., July 26 – JPMorgan Chase Financial Co. LLC priced $550,000 of autocallable contingent interest notes due Oct. 26, 2017 linked to the lesser performing of the S&P 500 index and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase & Co. guarantees the notes.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9% if each underlying closes at or above its coupon barrier level, 60% of its initial level, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each underlying closes at or above its initial level on any quarterly review date other than the final review date.
If the notes have not been called, the payout at maturity will be par if both underlyings close above their trigger value, 60% of its initial level.
Otherwise investors will lose 1% for each 1% decline of the lesser-performing underlying.
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: | Autocallable contingent interest notes
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| Underlying components: | S&P 500 index and SPDR S&P Biotech ETF
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| Amount: | $550,000
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| Maturity: | Oct. 26, 2017
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| Coupon: | Notes pay quarterly contingent coupon at annual rate of 9% if each underlying closes at or above coupon barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either underlying finishes below 60% of its initial value, in which case 1% loss for each 1% decline of lesser-performing underlying
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| Call: | Automatically at par plus contingent coupon if each underlying closes at or above initial level on any quarterly review date other than final one
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| Initial levels: | 2,175.03 for S&P 500 and $59.31 for biotech ETF
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| Interest barrier/trigger values: | 1,305.018 for S&P 500 and $35.586 for biotech ETF; 60% of initial levels
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| Pricing date: | July 22
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| Settlement date: | July 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.575%
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| Cusip: | 46646EQK1
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