Published on 6/22/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.3 million contingent interest autocallables on FedEx
By Marisa Wong
Los Angeles, June 22 – JPMorgan Chase Financial Co. LLC priced $1,298,000 of autocallable contingent interest notes due Sept. 10, 2021 linked to the common stock of FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
If FedEx stock closes at or above the coupon barrier, 60% of the initial share price, on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 9% per year. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on any quarterly review date other than the first and final dates, the notes will be called at par plus the contingent coupon.
If the notes are not called and FedEx shares finish at or above the 60% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | FedEx Corp. (NYSE: FDX)
|
| Amount: | $1,298,000
|
| Maturity: | Sept. 10, 2021
|
| Coupon: | 9% per year, payable each quarter that stock closes at or above coupon barrier on review date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus contingent coupon if FedEx shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | Automatically at par plus contingent coupon if FedEx shares close at or above initial price on any quarterly review date other than first and final dates
|
| Review dates: | Sept. 4, Dec. 4, March 4, 2021, June 4, 2021 and Sept. 7, 2021
|
| Initial share price: | $139.21
|
| Coupon barrier: | $83.526, 60% of initial share price
|
| Trigger price: | $83.526, 60% of initial share price
|
| Pricing date: | June 4
|
| Settlement date: | June 9
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48132MDT5
|
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