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JPMorgan plans contingent income autocallables tied to Biogen
By Susanna Moon
Chicago, Nov. 11 – JPMorgan Chase Financial Co. LLC plans to price contingent income autocallable securities due May 23, 2017 linked to Biogen Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent monthly coupon at an annualized rate of 16% if Biogen stock closes at or above its 80% downside threshold on the observation date for that month.
The notes will be redeemed at par of $10 plus the contingent payment if the stock closes at or above its initial level on any determination date other than the final date.
The payout at maturity will be par plus the final coupon unless the stock finishes below the 80% downside threshold, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent.
The notes will price on Nov. 18.
The Cusip number is 48128P662.
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