Published on 11/2/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $740,000 leveraged market-linked autocalls with downside on stocks
By Kiku Steinfeld
Chicago, Nov. 2 – JPMorgan Chase Financial Co. LLC priced $740,000 of 0% market-linked securities – autocallable with leveraged upside participation and contingent downside due April 6, 2026 linked to the stock performance of Amazon.com, Inc., Alphabet Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will be automatically called at par plus a 27% call premium if each stock closes at or above its initial level on April 5, 2024.
If each stock finishes at or above its initial level, the payout at maturity will be par plus 2 times the return of the least-performing stock.
Investors will receive par if the worst performer declines by no more than 50% and will lose 1% for every 1% decline of the worst performer.
J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are the agents.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Market-linked securities – autocallable with leveraged upside participation and contingent downside
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| Underlying stocks: | Alphabet Inc., Apple Inc. and Amazon.com, Inc.
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| Amount: | $740,000
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| Maturity: | April 6, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each stock finishes flat or gains, par plus 2 times the return of the least-performing stock; if worst performer declines but finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performer
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| Call: | Automatically at par plus 27% call premium if each stock closes at or above initial level on April 5, 2024
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| Initial levels: | $104 for Alphabet, $103.29 for Amazon, $164.90 for Apple
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| Threshold levels: | $52 for Alphabet, $51.645 for Amazon, $82.45 for Apple; 50% of initial levels
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| Pricing date: | March 31, 2023
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| Settlement date: | April 5, 2023
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| Agents: | J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
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| Fees: | 2.575%
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| Cusip: | 48133VMV9
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