By Tali Rackner
Norfolk, Va., Jan. 5 – JPMorgan Chase & Co. priced $4 million of contingent income autocallable securities due Jan. 4, 2019 linked to the common units of Blackstone Group LP, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.9% if Blackstone stock closes at or above the 70% downside threshold level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial level on any determination date other than the final date.
The payout at maturity will be par plus the final coupon unless Blackstone finishes below the 70% downside threshold level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Blackstone Group LP (Symbol: BX)
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| Amount: | $4,004,000
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| Maturity: | Jan. 4, 2019
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| Contingent payment: | 10.9% annually, payable quarterly if Blackstone stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if Blackstone stock finishes at or above downside threshold; otherwise full exposure to any losses
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| Call: | At par plus contingent payment if Blackstone stock closes at or above initial share price on any determination date other than the final one
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| Initial stock price: | $29.71
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| Downside threshold level: | $20.797, 70% of initial price
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| Pricing date: | Dec. 30
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| Settlement date: | Jan. 5
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.5%
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| Cusip: | 48128A723
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