Published on 6/6/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1 million contingent interest autocalls on Nasdaq, Russell, Dow
By Kiku Steinfeld
Chicago, June 6 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due Aug. 21, 2023 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, 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 7.15% if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date.
The payout at maturity will be par unless any index closes below its 70% trigger value during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for each 1% decline from the worst performer’s 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 indexes: | Russell 2000 index, Nasdaq-100 index, Dow Jones industrial average
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Amount: | $1 million
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Maturity: | Aug. 21, 2023
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Coupon: | 7.15% annual rate, payable quarterly if each index closes at or above interest barrier level on review date for that period
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Price: | Par
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Payout at maturity: | Par unless any index closes below its trigger value during the life of the notes and any index finishes below its initial level, in which case 1% loss for each 1% decline of least performing index from initial level
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date
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Initial index levels: | 16,309.77 for Nasdaq, 36,142.22 for Dow, 2,405.024 for Russell
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Interest barrier levels: | 11,416.839 for Nasdaq, 25,299.55 for Dow, 1,683.5168 for Russell, 70% of initial levels
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Trigger levels: | 11,416.839 for Nasdaq, 25,299.55 for Dow, 1,683.5168 for Russell, 70% of initial levels
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Pricing date: | Nov. 16, 2021
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Settlement date: | Nov. 19, 2021
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.225%
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Cusip: | 48132YTP0
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