By Wendy Van Sickle
Columbus, Ohio, April 13 – JPMorgan Chase Financial Co. LLC priced $7.73 million of trigger income securities due Oct. 18 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.
The notes pay a fixed coupon of $6.6667 per month, which corresponds to 4% over the term of the notes and a rate of 8% per year.
If the final reference rate is greater than or equal to the downside threshold level, 55% of the initial reference rate, the payout at maturity will be par. Otherwise, the payout will be par multiplied by the quotient of the final reference rate divided by the initial reference rate.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Trigger income securities
|
| Underlying rate: | 10-year U.S. dollar ICE swap rate
|
| Amount: | $7,725,000
|
| Maturity: | Oct. 18, 2017
|
| Coupon: | 8% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final reference rate is greater than or equal to downside threshold level, par; otherwise, exposure to decline in reference rate
|
| Initial reference rate: | 0.716%
|
| Downside threshold: | 0.3938%, 55% of initial reference rate
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.5%
|
| Cusip: | 46646Q5C5
|
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