Published on 6/5/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.03 million contingent interest autocallables on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 5 – JPMorgan Chase Financial Co. LLC priced $1.03 million autocallable contingent interest notes due June 2, 2023 linked to the least performing of Lowe’s Cos., Inc., Microsoft Corp. and Yum! Brands, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 13.5% per year if each stock closes at or above its coupon barrier, 50% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each stock 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 stock finishes below its trigger value, 50% of its initial level, in which case investors will lose 1% for every 1% that the least-performing stock 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.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stocks: | Lowe’s Cos., Inc., Microsoft Corp. and Yum! Brands, Inc.
|
| Amount: | $1,031,000
|
| Maturity: | June 2, 2023
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| Coupon: | 13.5% per year, payable monthly if each stock closes at or above coupon barrier on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below trigger value, in which case investors will lose 1% for every 1% that the least-performing stock finishes below its initial level
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly autocall review date after six months
|
| Initial levels: | $130.35 for Lowe’s, $183.25 for Microsoft, $89.73 for Yum
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| Coupon barriers: | $65.175 for Lowe’s, $91.625 for Microsoft, $44.865 for Yum, or 50% of initial levels
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| Trigger values: | $65.175 for Lowe’s, $91.625 for Microsoft, $44.865 for Yum, or 50% of initial levels
|
| Pricing date: | May 29
|
| Settlement date: | June 3
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.25%
|
| Cusip: | 48132KR64
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