Published on 4/14/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.88 million autocallable contingent interest notes on four tech stocks
By William Gullotti
Buffalo, N.Y., April 14 – JPMorgan Chase Financial Co. LLC sold $2.88 million of autocallable contingent interest notes due April 16, 2025 linked to the performance of the stocks of Amazon.com, Inc., Apple Inc., Alphabet Inc. and Microsoft Corp., 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 semiannual coupon at an annual rate of 11% if each stock closes at or above its interest barrier level, 60% of its initial level, on the corresponding review date.
The notes will be automatically called at par plus the coupon if each stock closes at or above 90% of its initial level on any semiannual review date.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its interest barrier level.
If the worst performer finishes below its interest barrier but not the 60% trigger value, the payout at maturity will be par. Otherwise, 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., Alphabet Inc., Microsoft Corp.
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| Amount: | $2.88 million
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| Maturity: | April 16, 2025
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| Coupon: | 11% annualized, payable semiannually if each underlying stock closes at or above interest barrier level on relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above interest barrier; if worst performer finishes below interest barrier but at or above trigger value, par; otherwise, 1% loss for each 1% decline of worst performing stock from initial level
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| Call option: | Automatically at par plus coupon if each stock closes at or above 90% of initial level on any semiannual review date
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| Initial levels: | $3,022.44 for Amazon, $165.75 for Apple, $2,595.93 for Alphabet, $285.26 for Microsoft
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| Interest barriers: | $1,813.464 for Amazon, $99.45 for Apple, $1,557.558 for Alphabet, $171.156 for Microsoft; 60% of initial levels
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| Trigger values: | $1,511.22 for Amazon, $82.875 for Apple, $1,297.965 for Alphabet, $142.63 for Microsoft; 50% of initial levels
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| Pricing date: | April 11
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| Settlement date: | April 14
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48133FMG7
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