Published on 10/19/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.48 million contingent interest autocalls on index, ETFs
By Kiku Steinfeld
Chicago, Oct. 19 – JPMorgan Chase Financial Co. LLC priced $2.48 million of autocallable contingent interest notes due Aug. 1, 2024 tied to the least performing of the iShares Silver Trust, the Nasdaq-100 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.7% per year if each asset closes at or above its interest barrier level, 70% of its initial level, on the review date for that quarter.
The notes will be automatically called at par if each asset closes at or above its initial level on any quarterly autocall review date after six months.
If the notes have not been called, the payout at maturity will be par unless any asset below its barrier level, 65% of its initial level, in which case investors will lose 1% for every 1% that the least-performing asset finishes below 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
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying assets: | iShares Silver Trust, Nasdaq-100 index and SPDR S&P Biotech ETF
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| Amount: | $2,476,000
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| Maturity: | Aug. 1, 2024
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| Coupon: | 9.7% per year, payable quarterly if each asset closes at or above interest barrier level on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its barrier level, in which case investors will lose 1% for every 1% that the least-performing asset finishes below its initial level
|
| Call: | Automatically at par if each asset closes at or above its initial level on any quarterly autocall review date after six months
|
| Initial asset levels: | 14,956.97 for Nasdaq, $122.98 for Biotech, $22.96 for Silver
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| Coupon barrier levels: | 10,469.879 for Nasdaq, $86.086 for Biotech, $16.072 for Silver; 70% of initial levels
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| Barrier levels: | 9,722.0305 for Nasdaq, $79.937 for ETF, $14.924 for S&P; 65% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.45%
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| Cusip: | 48132U6V0
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