By Devika Patel
Knoxville, Tenn., June 27 – JPMorgan Chase Financial Co. LLC priced $1.84 million of autocallable contingent interest notes due June 27, 2019 linked to the lesser performing of the Vaneck Vectors Oil Services exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production 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 10.2% if each fund closes at or above its coupon barrier level, 70% 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 fund closes at or above its initial level on any quarterly review date other than the final one beginning Dec. 26, 2017.
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, 70% 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: | Autocallable contingent interest notes
|
| Underlying ETFs: | Vaneck Vectors Oil Services and SPDR S&P Oil & Gas Exploration & Production
|
| Amount: | $1.84 million
|
| Maturity: | June 27, 2019
|
| Coupon: | Notes pay quarterly contingent coupon at annual rate of 10.2% 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 70% of its initial value, in which case 1% loss for each 1% decline of lesser-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial level on any quarterly review date other than final one beginning Dec. 26, 2017
|
| Initial levels: | $24.31 for Vaneck and $31.02 for SPDR S&P
|
| Coupon barrier/trigger values: | $17.017 for Vaneck and $21.714 for SPDR S&P; 70% of initial levels
|
| Pricing date: | June 23
|
| Settlement date: | June 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.25%
|
| Cusip: | 46647MJH7
|
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