Published on 10/21/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $7.54 million review notes tied to Delta, Southwest, United
By William Gullotti
Buffalo, N.Y., Oct. 21 – JPMorgan Chase Financial Co. LLC priced $7.54 million of 0% review notes due Oct. 20, 2025 linked to the performance of the stocks of Delta Air Lines, Inc., Southwest Airlines Co. and United Airlines Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 13% if each stock closes at or above its applicable call level on any annual review date. The call level will be 100% of the initial level for each stock for each date except the final one when it will be 60% of each stock’s initial level.
If each stock finishes at or above its 60% trigger level, the notes will be called at par plus 52%.
If the notes are not called, investors will lose 1% for every 1% decline of the worst performer 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: | Review notes
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| Underlying stocks: | Delta Air Lines, Inc., Southwest Airlines Co., United Airlines Holdings, Inc.
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| Amount: | $7,544,000
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| Maturity: | Oct. 20, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger level, the notes will be called at par plus 52%; otherwise, 1% loss for each 1% decline of worst performing stock from its initial level
|
| Call: | At par plus 13% per year if each stock closes at or above call level on annual review date; call level will be 100% of the initial level for each stock for each date except the final one when it will be 60% of each stock’s initial level
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| Initial levels: | $40.99 for Delta, $50.36 for Southwest, $48.00 for United
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| Trigger levels: | $24.594 for Delta, $30.216 for Southwest, $28.80 for United; 60% of initial levels
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| Pricing date: | Oct. 15
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| Settlement date: | Oct. 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48132YBK0
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