Published on 10/3/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $5.56 million leveraged market-linked autocalls with downside on stocks
By William Gullotti
Buffalo, N.Y., Oct. 3 – JPMorgan Chase Financial Co. LLC priced $5.56 million of 0% market-linked securities – autocallable with leveraged upside participation and fixed percentage buffered downside due Sept. 29, 2026 linked to the stock performance of Microsoft Corp., 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 25.2% call premium if each stock closes at or above its initial level on Sept. 30, 2024.
If each stock finishes at or above its initial level, the payout at maturity will be par plus 1.5 times the return of the least-performing stock.
Investors will receive par if the worst performer declines by no more than 20% and will lose 1% for every 1% decline of the worst performer beyond 20%.
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 fixed percentage buffered downside
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| Underlying stocks: | Microsoft Corp., Alphabet Inc., Apple Inc.
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| Amount: | $5,562,000
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| Maturity: | Sept. 29, 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 1.5 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 beyond 20%
|
| Call: | Automatically at par plus 25.2% call premium if each stock closes at or above initial level on Sept. 30, 2024
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| Initial levels: | $312.14 for Microsoft, $129.45 for Alphabet, $171.96 for Apple
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| Threshold levels: | $249.712 for Microsoft, $103.56 for Alphabet, $137.568 for Apple; 80% of initial levels
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 29
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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: | 48134AYU3
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