JPMorgan plans contingent interest autocallables on two airline stocks

By Sarah Lizee

Olympia, Wash., Aug. 1 – JPMorgan Chase Financial Co. LLC plans to price autocallable contingent interest notes due Aug. 12, 2022 tied to the least performing of the common stocks of Boeing Co. and Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by JPMorgan Chase & Co.

Each quarter, the notes will pay a contingent coupon at the rate of 9.5% per year if each stock closes at or above its coupon barrier, 70% of its initial share price, on the review date for that period. The exact rate will be set at pricing.

The notes will be automatically called at par plus the contingent coupon if each stock closes at or above 95% of its initial share price on any quarterly review date other than the final review date.

If the notes have not been called, the payout at maturity will be par unless any stock finishes below its trigger value, 70% of its initial level, in which case investors will lose 1% for every 1% that the least-performing stock finishes below its initial share price.

J.P. Morgan Securities LLC is the agent.

The notes will price Aug. 9.

The Cusip number is 48132CP49.

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