Published on 6/17/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.28 million autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., June 17 – JPMorgan Chase Financial Co. LLC sold $2.28 million of autocallable contingent interest notes due June 14, 2024 linked to the performance of the stocks of Ford Motor Co., Tesla, Inc. and General Motors Co., 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 monthly coupon at an annual rate of 23% if each stock closes at or above its interest barrier level, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly call date after six months.
The payout at maturity will be par plus the final coupon, unless any stock finishes below the 60% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Ford Motor Co., Tesla, Inc., General Motors Co.
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| Amount: | $2,284,000
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| Maturity: | June 14, 2024
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| Coupon: | 23% annualized, payable monthly if each underlying stock closes at or above interest barrier level on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of worst performing stock from initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly call date after six months
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| Initial levels: | $609.89 for Tesla, $15.28 for Ford, $61.49 for GM
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| Interest barriers: | $426.923 for Tesla, $10.696 for Ford, $43.043 for GM; 70% of initial levels
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| Trigger values: | $365.934 for Tesla, $9.168 for Ford, $36.894 for GM; 60% of initial levels
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3%
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| Cusip: | 48132UMA8
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