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JPMorgan plans contingent income autocallables on VanEck Vectors Gold
By Devika Patel
Knoxville, Tenn., Sept. 1 – JPMorgan Chase Financial Co. LLC plans to price contingent income autocallable securities due Sept. 13, 2018 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
If the fund closes at or above the downside threshold level, 75% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 8.25%, with the exact coupon to be set at pricing.
The notes will be called at par of $10 plus the contingent coupon if the fund closes at or above the initial share price on any quarterly determination date beginning Dec. 8, 2017.
If the final share price is greater than or equal to the 75% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
J.P. Morgan Securities LLC is the agent, with Morgan Stanley Wealth Management handling distribution.
The notes (Cusip: 48129J665) will price on Sept. 8 and settle three business days after pricing.
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