Published on 3/14/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2 million step-up review notes linked to Dow, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., March 14 – JPMorgan Chase Financial Co. LLC priced $2 million of 0% step-up review notes due March 13, 2025 linked to the performance of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 13.5% per year if each index closes at or above its call level on any quarterly call date after one year.
The call level will be 102.5% on the first review date, stepping up by 62.5 basis points on each subsequent quarterly review date.
If the notes are not called, the payout at maturity will be par unless the final level of any index is less than its initial level by more than 30%, in which case investors will lose 1% for each 1% that the worst performer declines from its initial level.
The notes are guaranteed by JPMorgan Chase & Co.
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: | Step-up review notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $2 million
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| Maturity: | March 13, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless the final level of any index is less than its initial level by more than 30%, in which case investors will lose 1% for each 1% that the worst performer declines from its initial level
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| Call: | Automatically called at par plus a call premium of 13.5% per year if each index closes at or above its call level on any quarterly call date after one year; call level will be 102.5% on the first review date, stepping up by 62.5 bps on each subsequent quarterly review date
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| Initial levels: | 33,286.25 for Dow, 2,016.291 for Russell, 13,742.2 for Nasdaq
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| Trigger levels: | 23,300.375 for Dow, 1,411.4037 for Russell, 9,619.54 for Nasdaq; 70% of initial levels
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| Pricing date: | March 9
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| Settlement date: | March 14
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.5%
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| Cusip: | 48133DUN8
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