By William Gullotti
Buffalo, N.Y., Aug. 18 – JPMorgan Chase Financial Co. LLC sold $3.45 million of autocallable contingent interest notes due June 20, 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 quarterly coupon at an annual rate of 22% 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 review date other than the final one.
If the notes are not called and each stock finishes at or above the interest barrier, the payout at maturity will be par plus the final coupon.
If the worst performer lags below the interest barrier but finishes at or above its 50% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its 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 stocks: | Ford Motor Co., Tesla, Inc., General Motors Co.
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| Amount: | $3,454,000
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| Maturity: | June 20, 2024
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| Coupon: | 22% annualized, payable quarterly if each underlying stock closes at or above interest barrier level on review date for that month
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| Price: | Par
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| Payout at maturity: | If the notes are not called and each stock finishes at or above the interest barrier, par plus final coupon; if worst performer lags below the interest barrier but finishes at or above trigger level, par; otherwise, lose 1% for every 1% decline of worst performer from initial level
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| Call option: | Automatically at par plus coupon if each stock closes at or above initial share price on any quarterly review date other than final one
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| Initial levels: | $616.60 for Tesla, $14.77 for Ford, $60.08 for GM
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| Interest barriers: | $431.62 for Tesla, $10.339 for Ford, $42.056 for GM; 70% of initial levels
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| Trigger values: | $308.30 for Tesla, $7.385 for Ford, $30.04 for GM; 50% of initial levels
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| Pricing date: | June 17
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| Settlement date: | June 21
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 48132UC35
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