Published on 10/23/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $435,000 11.5% autocallable contingent interest notes on three stocks
By Kiku Steinfeld
Chicago, Oct. 23 – JPMorgan Chase Financial Co. LLC priced $435,000 of autocallable contingent interest notes due April 2, 2026 linked to the common stocks of Costco Wholesale Corp., Ford Motor Co. and Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, paid monthly, if each underlying stock closes at or above its 60% trigger level on the related monthly observation date.
The securities will be called automatically starting Sept. 28, 2023 at par if the price of each underlying stock is greater than or equal to its initial price on a quarterly review date.
At maturity the payout will be par unless the worst performing stock closes below its 60% trigger level and each of the stocks closes below its initial level in which case investors will be fully exposed to the decline of the worst performing stock.
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: | Autocallable contingent interest notes
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| Underlying stocks: | Costco Wholesale Corp., Ford Motor Co. and Starbucks Corp.
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| Amount: | $435,000
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| Maturity: | April 2, 2026
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| Coupon: | 11.5%, paid monthly, if each underlying stock closes at or above its 60% trigger level on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock closes below its trigger level and each of the stocks closes below its initial level in which case investors will be fully exposed to the decline in the worst performing stock
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| Call: | Automatically starting Sept. 28, 2023 at par if the price of each underlying stock is greater than or equal to its initial price on a quarterly review date
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| Initial levels: | $486.77 for Costco Wholesale Corp., $11.60 for Ford Motor Co., $98.72 for Starbucks Corp.
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| Trigger levels: | $292.062 for Costco Wholesale Corp., $6.96 for Ford Motor Co., $59.232 for Starbucks Corp., 60% of initial level
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| Pricing date: | March 28, 2023
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| Settlement date: | March 31, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3%
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| Cusip: | 48133UND0
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