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JPMorgan eyes contingent interest autocallables tied to Russell, S&P
By Tali Rackner
Minneapolis, May 12 – JPMorgan Chase Financial Co. LLC plans to price autocallable contingent interest notes due Aug. 30, 2018 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, 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 if both indexes close at or above their interest barrier levels, 70% of the initial levels, on the review date for that quarter. The contingent coupon rate is expected to be 5% to 7% per year and will be set at pricing.
The notes will be automatically called at par plus the contingent coupon if both indexes close at or above their respective initial levels on any review date other than the first and final dates.
If the notes have not been called, the payout at maturity will be par plus the final coupon unless either index finishes below its trigger value, 70% of its initial level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
J.P. Morgan Securities LLC is the agent.
The notes will price on May 25 and settle on May 31.
The Cusip number is 46647MAG8.
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