Published on 7/23/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.28 million autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., July 23 – JPMorgan Chase Financial Co. LLC sold $1.28 million of autocallable contingent interest notes due July 19, 2023 linked to the performance of the stocks of Amazon.com, Inc., Apple Inc. and Netflix, Inc., 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 quarterly coupon at an annual rate of 12.75% if each stock closes at or above its interest barrier level, 65% of its initial level, on the corresponding review date. Coupon payment will include any previously unpaid coupons.
The notes will be automatically called at par plus coupon on quarterly call date.
The payout at maturity will be par plus the final coupon, unless any stock finishes below the 65% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Amazon.com, Inc., Apple Inc., Netflix, Inc.
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| Amount: | $1.28 million
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| Maturity: | July 19, 2023
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| Coupon: | 12.75% annualized, payable quarterly if each underlying stock closes at or above interest barrier level on the corresponding review date; any previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of worst performing stock from initial level
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| Call option: | Automatically at par plus coupon on any quarterly call date
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| Initial levels: | $149.15 for Apple, $3,681.68 for Amazon, $547.95 for Netflix
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| Interest barriers: | $104.405 for Apple, $2,577.176 for Amazon, $383.565 for Netflix; 65% of initial levels
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| Trigger values: | $104.405 for Apple, $2,577.176 for Amazon, $383.565 for Netflix; 65% of initial levels
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| Strike date: | July 14
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.05%
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| Cusip: | 48132U4R1
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