NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN
REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933) OR IN OR INTO
JAPAN, THE PEOPLE’S REPUBLIC OF CHINA, SWITZERLAND OR ANY OTHER
JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY
APPLICABLE LAW.
JPMorgan Chase Bank, N.A. (the “Issuer”) today announces
the launch of an offering of cash-settled exchangeable bonds due
2020 (the “Bonds”) in aggregate principal amount of up to
approximately USD 350 million. The Bonds are referable to
H-shares (the “Shares”) of Ping An Insurance (Group) Company
of China Limited (the “Company”). Exchange rights in respect
of the Bonds will be cash-settled only.
The Issuer is rated A+ (Stable outlook) by Standard &
Poor’s, Aa3 (Stable outlook) by Moody’s and AA (Stable outlook) by
Fitch.
The Bonds will be issued in principal amounts of USD 200,000 and
integral multiples of USD 100,000 in excess thereof and will not
bear interest. The Bonds will be marketed with an issue price of
100% and are expected to be redeemed at par on 30 December 2020
(the “Final Maturity Date”).
The initial exchange price (the “Initial Exchange Price”)
will be marketed with a range of 15% to 20% premium to the
reference share price (the “Share Reference Price”) that
will be based on the simple arithmetic average of the daily
volume-weighted average prices of a Share on the Hong Kong Stock
Exchange over a period of 2 consecutive trading days commencing on
(and including) 18 July 2018, subject as provided in the terms and
conditions of the Bonds (the “Share Reference
Period”). The final terms of the issuance are expected to be
announced today, except for the Share Reference Price and the
Initial Exchange Price which are expected to be announced on 19
July 2018 at the end of the Share Reference Period.
The Issuer shall give notice to redeem all outstanding Bonds at
their early redemption amount on the early redemption date if (i)
any event occurs as a result of which option contracts in respect
of the Shares are settled in accordance with the standard corporate
actions procedures of The Stock Exchange of Hong Kong Limited in
effect from time to time or such successor policy (“Option
Contracts Settlement”) or (ii) a Nationalisation or Delisting
event occurs. The Issuer may, at its option, give notice to redeem
all outstanding Bonds at the early redemption amount on the early
redemption date if a Change in Law event occurs. If a Change in
Law, Delisting, Nationalisation or Option Contracts Settlement
event occur and the Issuer issues a notice to redeem all
outstanding bonds, bondholders will have the right to elect that
all or some of its Bonds shall not be redeemed. If a Bondholder
validly elects that all or some of its Bonds shall not be redeemed,
such Bonds will be redeemed on the Final Maturity Date at their
principal amount plus the Intrinsic Value per Bond. The election
and redemption mechanics are further described in the terms and
conditions of the Bonds.
Settlement and delivery of the Bonds is expected to take place
on 20 July 2018 (the “Issue Date”).
The net proceeds from the issue of Bonds will be used by the
Issuer for its general corporate purposes (including hedging
arrangements).
Application will be made for the Bonds to be admitted to trading
on the Open Market (Freiverkehr) segment of the Frankfurt Stock
Exchange and such admission to trading is expected no later than
one month after the Issue Date.
J.P. Morgan Securities plc is acting as Sole Bookrunner and
Calculation Agent.
The Issuer intends to enter into certain derivatives
arrangements with the Sole Bookrunner to hedge the exposure to pay
cash amounts upon any potential exercise of the exchange rights
embedded in the Bonds and/or upon redemption. The Sole Bookrunner
is party to certain existing derivative arrangements in relation to
the Shares and may enter into further transactions to hedge its
position, or adjust its hedging position under such arrangements,
including transactions to be conducted during the reference period
regarding the determination of the Share Reference Price and other
averaging and valuation periods in relation to the Bonds. Such
activity may impact the Share Reference Price, the price or value
of the Shares and Bonds more generally, including without
limitation during such averaging or valuation periods.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.6 trillion and operations
worldwide. JPMorgan Chase & Co. is a leader in investment
banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing, and asset
management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of customers in the United
States and many of the world's most prominent corporate,
institutional and government clients under its J.P. Morgan and
Chase brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.
Further Information
Marie CheungTel.: +852 2800 1303Email:
Marie.W.Cheung@jpmorgan.com
Patrick BurtonTel.: +44 (0) 207 134 9041Email:
patrick.o.burton@jpmorgan.com
IMPORTANT NOTICE
NO ACTION HAS BEEN TAKEN BY THE ISSUER, THE SOLE BOOKRUNNER OR
ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD PERMIT AN OFFERING OF
THE BONDS OR POSSESSION OR DISTRIBUTION OF THIS PRESS RELEASE OR
ANY OFFERING OR PUBLICITY MATERIAL RELATING TO THE BONDS IN ANY
JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS
INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED BY THE
ISSUER AND THE SOLE BOOKRUNNER TO INFORM THEMSELVES ABOUT, AND TO
OBSERVE, ANY SUCH RESTRICTIONS.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION, DIRECTLY OR
INDIRECTLY IN OR INTO THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S). ANY TERM
SHEET PRODUCED IN CONNECTION WITH THE BONDS SHALL NOT BE AN OFFER
TO SELL SECURITIES OR THE SOLICITATION OF ANY OFFER TO BUY
SECURITIES, NOR SHALL THERE BE ANY OFFER OF SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER OR SALE WOULD BE UNLAWFUL.
THE BONDS DESCRIBED IN THIS PRESS RELEASE ARE NOT REQUIRED TO BE
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY
AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES.
IN ADDITION, THE BONDS HAVE NOT BEEN REGISTERED UNDER THE
REGULATIONS OF THE U.S. COMPTROLLER OF THE CURRENCY
(“COMPTROLLER'S REGULATIONS”) RELATING TO SECURITIES
OFFERINGS BY NATIONAL BANKS (12 C.F.R. PART 16). THE BONDS MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION.
THE BONDS, WHEN OFFERED, WILL BE OFFERED AND SOLD OUTSIDE THE
UNITED STATES IN COMPLIANCE WITH REGULATION S, AS SUCH REGULATION
IS INCORPORATED INTO THE COMPTROLLER’S REGULATIONS BY 12 C.F.R.
SECTION 16.5(G). THE BONDS MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, U.S. PERSONS (I) AS PART OF THEIR DISTRIBUTION AT ANY
TIME OR (II) UNTIL 40 DAYS AFTER COMPLETION OF THE DISTRIBUTION OF
BONDS, EXCEPT IN EITHER CASE IN ACCORDANCE WITH REGULATION S UNDER
THE SECURITIES ACT, AS SUCH REGULATION IS INCORPORATED INTO THE
COMPTROLLER'S REGULATIONS BY 12 C.F.R. SECTION 16.5(G). TERMS USED
ABOVE HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S.
THIS PRESS RELEASE AND THE OFFERING WHEN MADE ARE ONLY ADDRESSED
TO, AND DIRECTED IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA
(THE “EEA”), AT PERSONS WHO ARE “QUALIFIED INVESTORS” WITHIN
THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE
(“QUALIFIED INVESTORS”). FOR THESE PURPOSES, THE EXPRESSION
"PROSPECTUS DIRECTIVE" MEANS DIRECTIVE 2003/71/EC, AS
AMENDED.
THE BONDS WILL NOT AND MAY NOT BE OFFERED OR SOLD IN HONG KONG,
BY MEANS OF ANY DOCUMENT, OTHER THAN (A) TO “PROFESSIONAL
INVESTORS” AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE
(CHAPTER 571 OF THE LAWS OF HONG KONG) (THE “SFO”) AND ANY
RULES MADE UNDER THAT ORDINANCE; OR (B) IN OTHER CIRCUMSTANCES
WHICH DO NOT RESULT IN ANY DOCUMENT BEING A “PROSPECTUS” AS DEFINED
IN THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS)
ORDINANCE (CHAPTER 32 OF THE LAWS OF HONG KONG) OR WHICH DO NOT
CONSTITUTE AN OFFER TO THE PUBLIC WITHIN THE MEANING OF THAT
ORDINANCE. ANY TERM SHEET PRODUCED IN CONNECTION WITH THE BONDS
SHALL NOT CONSTITUTE AN ADVERTISEMENT, INVITATION OR DOCUMENT
RELATING TO THE BONDS WHICH IS DIRECTED AT, AND THE CONTENTS OF
WHICH ARE NOT INTENDED TO BE ACCESSED OR READ BY, THE PUBLIC IN
HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS
OF HONG KONG) OTHER THAN WITH RESPECT TO THE BONDS WHICH ARE OR ARE
INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE HONG KONG OR
ONLY TO “PROFESSIONAL INVESTORS” AS DEFINED IN THE SFO AND ANY
RULES MADE UNDER THAT ORDINANCE.
THE BONDS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
FINANCIAL INSTRUMENTS AND EXCHANGE ACT OF JAPAN (ACT NO. 25 OF
1948, AS AMENDED, THE “FINANCIAL INSTRUMENTS AND EXCHANGE
ACT”). ACCORDINGLY, THE BONDS MAY NOT BE OFFERED OR SOLD,
DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY
RESIDENT OF JAPAN (WHICH TERM AS USED HEREIN MEANS ANY PERSON
RESIDENT IN JAPAN, INCLUDING ANY CORPORATION OR OTHER ENTITY
ORGANISED UNDER THE LAWS OF JAPAN) OR TO OTHERS FOR RE-OFFERING OR
RE-SALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT
OF, ANY RESIDENT OF JAPAN EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE
FINANCIAL INSTRUMENTS AND EXCHANGE ACT AND OTHER RELEVANT LAWS AND
REGULATIONS OF JAPAN.
THE BONDS ARE NOT BEING OFFERED OR SOLD AND MAY NOT BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE PEOPLE’S REPUBLIC OF CHINA
(FOR SUCH PURPOSES, NOT INCLUDING THE HONG KONG AND MACAU SPECIAL
ADMINISTRATIVE REGIONS OR TAIWAN, THE “PRC”), EXCEPT AS
PERMITTED BY THE SECURITIES LAWS OF THE PRC.
THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE
AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE
AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA. FOR THESE PURPOSES, A
RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A
RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF MIFID II;
OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2002/92/EC,
WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS
DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II. CONSEQUENTLY, NO
KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014,
AS AMENDED (THE "PRIIPS REGULATION") FOR OFFERING OR SELLING
THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN
THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE
BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN
THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.
IN ADDITION, IN THE UNITED KINGDOM THIS PRESS RELEASE IS BEING
DISTRIBUTED ONLY TO, AND IS DIRECTED ONLY AT, QUALIFIED INVESTORS
(I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO
INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES
AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED
(THE “ORDER”) AND QUALIFIED INVESTORS FALLING WITHIN ARTICLE
49(2)(A) TO (D) OF THE ORDER, AND (II) TO WHOM IT MAY OTHERWISE
LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED
TO AS “RELEVANT PERSONS”). THIS PRESS RELEASE MUST NOT BE
ACTED ON OR RELIED ON (I) IN THE UNITED KINGDOM, BY PERSONS WHO ARE
NOT RELEVANT PERSONS, AND (II) IN ANY MEMBER STATE OF THE EEA OTHER
THAN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT QUALIFIED
INVESTORS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
PRESS RELEASE RELATES IS AVAILABLE ONLY TO (A) RELEVANT PERSONS IN
THE UNITED KINGDOM AND WILL BE ENGAGED IN ONLY WITH RELEVANT
PERSONS IN THE UNITED KINGDOM AND (B) QUALIFIED INVESTORS IN MEMBER
STATES OF THE EEA (OTHER THAN THE UNITED KINGDOM).
ANY DECISION TO PURCHASE ANY OF THE BONDS SHOULD ONLY BE MADE ON
THE BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE
ISSUER’S AND THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. NEITHER
THE SOLE BOOKRUNNER NOR ANY OF ITS AFFILIATES ACCEPT ANY LIABILITY
ARISING FROM THE USE OF, OR MAKE ANY REPRESENTATION AS TO THE
ACCURACY OR COMPLETENESS OF, THIS PRESS RELEASE OR THE ISSUER’S AND
THE COMPANY’S PUBLICLY AVAILABLE INFORMATION. THE INFORMATION
CONTAINED IN THIS PRESS RELEASE IS SUBJECT TO CHANGE IN ITS
ENTIRETY WITHOUT NOTICE UP TO THE ISSUE DATE.
THE SECURITIES ARE NOT READILY LIQUID INSTRUMENTS. THE SOLE
BOOKRUNNER OR ANY OF ITS AFFILIATES MAY BUT SHALL HAVE NO
OBLIGATION TO MAKE A SECONDARY MARKET FOR THE SALE AND PURCHASE OF
THE SECURITIES. ALTHOUGH THE DEALER OR ITS AFFILIATES WILL TRY TO
PROVIDE PRICING OR OFFER UNWIND FACILITIES, THERE MAY EXIST A TIME
WHEN THERE IS A LACK OF LIQUIDITY OR LOW TRADING VOLUME IN THE
MARKET FOR THE SECURITIES, WHICH COULD RESULT IN A DECREASE OF THE
MARKET VALUE OF THE SECURITIES. IN THE EVENT THAT THE DEALER OR ITS
AFFILIATES MAKES A SECONDARY MARKET, IT IS NOT A COMMITMENT TO
PURCHASE ANY SECURITY AT A PARTICULAR TIME OR PRICE AND THE DEALER
OR ITS AFFILIATES MAY SUSPEND OR TERMINATE MARKET MAKING AT ANY
TIME, AT ITS OWN DISCRETION AND WITHOUT NOTICE TO THE HOLDERS. IF
THE SECURITIES ARE EARLY REDEEMED PRIOR TO THE MATURITY DATE OR
EARLY REDEMPTION DATE (IF APPLICABLE), THE HOLDER OF A SECURITIES
MAY SUFFER A HIGHER LOSS OR SIGNIFICANTLY SMALLER GAIN ON THE
PRINCIPAL INVESTED, AND MAY ALSO SUFFER SIGNIFICANT UNWIND COSTS
AND WIDE BID OFFER SPREADS. EACH PROSPECTIVE INVESTOR SHOULD
PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN
INVESTMENT IN THE BONDS OR THE SHARES NOTIONALLY UNDERLYING THE
BONDS (TOGETHER WITH THE BONDS, THE “SECURITIES”). NEITHER
OF THE ISSUER NOR THE SOLE BOOKRUNNER MAKES ANY REPRESENTATION AS
TO (I) THE SUITABILITY OF THE SECURITIES FOR ANY PARTICULAR
INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL
TAX CONSEQUENCES OF INVESTING IN THE SECURITIES OR (III) THE FUTURE
PERFORMANCE OF THE SECURITIES EITHER IN ABSOLUTE TERMS OR RELATIVE
TO COMPETING INVESTMENTS.
THE SOLE BOOKRUNNER IS ACTING ON BEHALF OF THE ISSUER AND NO ONE
ELSE IN CONNECTION WITH THE BONDS AND WILL NOT BE RESPONSIBLE TO
ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS
OF THE SOLE BOOKRUNNER OR FOR PROVIDING ADVICE IN RELATION TO THE
SECURITIES. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE SOLE
BOOKRUNNER AND ANY OF ITS AFFILIATES ACTING AS AN INVESTOR FOR ITS
OWN ACCOUNT MAY TAKE UP THE SECURITIES AND IN THAT CAPACITY MAY
RETAIN, PURCHASE OR SELL FOR ITS OWN ACCOUNT THE SECURITIES OR ANY
OTHER SECURITIES OF THE ISSUER, THE COMPANY OR RELATED INVESTMENTS,
MAY OFFER OR SELL THE SECURITIES OR OTHER INVESTMENTS OTHERWISE
THAN IN CONNECTION WITH THE OFFERING OF THE BONDS, AND MAY ENTER
INTO CONVERTIBLE ASSET SWAPS, CREDIT DERIVATIVES OR OTHER
DERIVATIVE TRANSACITONS RELATING TO THE BONDS AND/OR THE UNDERLYING
SHARES. AS A RESULT OF SUCH TRANSACTIONS, THE SOLE BOOKRUNNER MAY
HOLD LONG OR SHORT POSITIONS IN SUCH BONDS OR DERIVATIVES OR IN THE
UNDERLYING SHARES. THE SOLE BOOKRUNNER DOES NOT INTEND TO DISCLOSE
THE EXTENT OF ANY SUCH INVESTMENT OR TRANSACTIONS. IN ADDITION, THE
SOLE BOOKRUNNER AND ITS SUBSIDIARIES AND AFFILIATES MAY PERFORM
SERVICES FOR, OR SOLICIT BUSINESS FROM, THE ISSUER, THE COMPANY OR
MEMBERS OF THE ISSUER’S AND THE COMPANY’S RESPECTIVE GROUPS, MAY
MAKE MARKETS IN THE SECURITIES OF SUCH PERSONS AND/OR HAVE A
POSITION OR EFFECT TRANSACTIONS IN SUCH SECURITIES. EACH POTENTIAL
INVESTOR ACKNOWLEDGES THAT THE SOLE BOOKRUNNER AND ITS AFFILIATES
MAY FROM TIME TO TIME PERFORM VARIOUS INVESTMENT BANKING AND
ADVISORY, BROKERAGE, COMMERCIAL BANKING, FINANCIAL ADVISORY AND
FIDUCIARY SERVICES FOR THE COMPANY OR ITS AFFILIATES WHICH MAY HAVE
CONFLICTING INTERESTS WITH RESPECT TO ANY POTENTIAL INVESTOR.
EACH OF THE ISSUER AND THE SOLE BOOKRUNNER AND THEIR RESPECTIVE
AFFILIATES EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO
UPDATE, REVIEW OR REVISE ANY STATEMENT CONTAINED IN THIS PRESS
RELEASE WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS
OR OTHERWISE.
THE BONDS MAY NOT BE PUBLICLY OFFERED IN SWITZERLAND AND WILL
NOT BE LISTED ON THE SIX SWISS EXCHANGE (“SIX”) OR ON ANY
OTHER STOCK EXCHANGE OR REGULATED TRADING FACILITY IN SWITZERLAND.
THIS PRESS RELEASE DOES NOT CONSTITUTE A PROSPECTUS WITHIN THE
MEANING OF, AND HAS BEEN PREPARED WITHOUT REGARD TO THE DISCLOSURE
STANDARDS FOR ISSUANCE PROSPECTUSES UNDER ART. 652A OR ART. 1156 OF
THE SWISS CODE OF OBLIGATIONS OR THE DISCLOSURE STANDARDS FOR
LISTING PROSPECTUSES UNDER ART. 27 FF. OF THE SIX LISTING RULES OR
THE LISTING RULES OF ANY OTHER STOCK EXCHANGE OR REGULATED TRADING
FACILITY IN SWITZERLAND. NEITHER THIS PRESS RELEASE NOR ANY OTHER
OFFERING OR MARKETING MATERIAL RELATING TO THE BONDS OR THE
OFFERING MAY BE PUBLICLY DISTRIBUTED OR OTHERWISE MADE PUBLICLY
AVAILABLE IN SWITZERLAND. NEITHER THIS PRESS RELEASE NOR ANY OTHER
OFFERING OR MARKETING MATERIAL RELATING TO THE OFFERING, THE
ISSUER, OR THE BONDS HAVE BEEN OR WILL BE FILED WITH OR APPROVED BY
ANY SWISS REGULATORY AUTHORITY. IN PARTICULAR, THIS PRESS RELEASE
WILL NOT BE FILED WITH, AND THE OFFER OF BONDS WILL NOT BE
SUPERVISED BY, THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY
FINMA (FINMA), AND THE OFFER OF BONDS HAS NOT BEEN AND WILL NOT BE
AUTHORISED UNDER THE SWISS FEDERAL ACT ON COLLECTIVE INVESTMENT
SCHEMES ("CISA"). THE INVESTOR PROTECTION AFFORDED TO
ACQUIRERS OF INTERESTS IN COLLECTIVE INVESTMENT SCHEMES UNDER THE
CISA DOES NOT EXTEND TO ACQUIRERS OF BONDS.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180717005535/en/
JPMorgan ChaseMarie Cheung, +852 2800
1303Marie.W.Cheung@jpmorgan.comorPatrick Burton, +44 (0) 207 134
9041patrick.o.burton@jpmorgan.com
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