By Susanna Moon
Chicago, Oct. 4 – JPMorgan Chase Financial Co. LLC priced $3 million of trigger autocallable contingent yield notes due Sept. 30, 2020 linked to the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 6.5% if the fund closes at or above its 70% coupon barrier on the determination date for that quarter.
The notes will be called at par if the fund closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par plus the final coupon unless the fund finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
The notes are guaranteed by JPMorgan Chase & Co.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying fund: | SPDR S&P Bank ETF
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| Amount: | $3 million
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| Maturity: | Sept. 30, 2020
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| Coupon: | 6.5% per year, payable quarterly if fund closes at or above 70% coupon barrier on determination date that quarter
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| Price: | Par of $10
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| Payout at maturity: | If fund finishes at or above 70% downside threshold, par; otherwise, 1% loss per 1% decline
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| Call: | At par if fund closes at or above its initial level on any quarterly observation date after six months
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| Initial level: | $43.74
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| Downside threshold: | $30.62, 70% of initial level
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 29
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48129J368
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