By Angela McDaniels
Tacoma, Wash., July 19 – JPMorgan Chase Financial Co. LLC priced $198,000 of autocallable contingent interest notes due July 20, 2017 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes pay a contingent coupon at a rate of 7.4% per year if the reference rate on the review date for that quarter is greater than or equal to the trigger level, 70% of the initial reference rate.
The notes will be automatically called at par plus the contingent coupon if the reference rate on any quarterly review date other than the final review date is greater than or equal to the initial reference rate.
If the notes have not been called and the final reference rate is greater than or equal to the trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final reference rate is less than the initial reference rate.
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 rate: | 10-year U.S. dollar ICE swap rate
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| Amount: | $198,000
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| Maturity: | July 20, 2017
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| Contingent coupon: | 7.4% per year, payable quarterly if reference rate on review date for that quarter is greater than or equal to trigger level
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| Price: | Par
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| Payout at maturity: | Par unless final reference rate is less than trigger level, in which case 1% loss for every 1% that final reference rate is less than initial reference rate
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| Call: | Automatically at par plus contingent coupon if reference rate is greater than or equal to initial reference rate on Oct. 17, 2016, Jan. 17, 2017, April 17, 2017 or July 17, 2017
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| Initial reference rate: | 1.453%
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| Trigger level: | 1.0171%, 70% of initial reference rate
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.125%
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| Cusip: | 46646ENH1
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