By Wendy Van Sickle
Columbus, Ohio, Aug. 24 – JPMorgan Chase Financial Co. LLC priced $1.17 million of callable contingent interest notes due Aug. 25, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the VanEck Vectors Gold Miners 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 10.65% if each fund closes at or above its coupon barrier level, 60% 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 first and final dates.
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, 60% 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
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying ETFs: | SPDR S&P Biotech and VanEck Vectors Gold Miners
|
| Amount: | $1,166,000
|
| Maturity: | Aug. 25, 2021
|
| Coupon: | Notes pay quarterly contingent coupon at annual rate of 10.65% if each fund closes at or above coupon barrier level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either fund finishes below 60% 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 first and final ones
|
| Initial levels: | $74.95 for Biotech and $22.93 for Gold Miners
|
| Coupon barrier/trigger values: | $44.97 for Biotech and $13.758 for Gold Miners; 60% of initial levels
|
| Pricing date: | Aug. 18
|
| Settlement date: | Aug. 25
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.5%
|
| Cusip: | 46647MK85
|
|
|
|
|
© 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.
