By Kiku Steinfeld
Chicago, Nov. 1 – JPMorgan Chase Financial Co. LLC priced $2.12 million of autocallable contingent interest notes due Oct. 2, 2024 linked to the least performing of the common stocks of Lennar Corp., PulteGroup, Inc. and KB Home, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.35% if each stock closes at or above its 65% coupon barrier on the review date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any review date other than the first and final dates.
The payout at maturity will be par unless any stock finishes below its 65% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Lennar Corp., PulteGroup, Inc. and KB Home
|
| Amount: | $2.12 million
|
| Maturity: | Oct. 2, 2024
|
| Coupon: | 11.35% annualized, payable quarterly if each stock closes at or above 65% coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock closes below trigger, in which case 1% loss for each 1% decline of worst performing stock
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any review date other than first and final dates
|
| Initial levels: | $99.50 for Lennar, $48.34 for PulteGroup and $41.45 for KB Home
|
| Trigger levels: | $64.675 for Lennar, $31.421 for PulteGroup and $26.9425 for KB Home, 65% of initial levels
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.35%
|
| Cusip: | 48132W2Y4
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
