Published on 7/21/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.18 million autocallable contingent interest notes on three tech stocks
By William Gullotti
Buffalo, N.Y., July 21 – JPMorgan Chase Financial Co. LLC sold $1.18 million of autocallable contingent interest notes due July 23, 2024 linked to the performance of the stocks of Tesla, Inc., Amazon.com, Inc. and Apple Inc., 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 30% if each stock closes at or above its interest barrier level, 60% of its initial level, on the corresponding review date.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any monthly call date after three months.
If the notes are not called and each stock finishes at or above its 60% trigger value, the payout will be par plus the final coupon. Otherwise, 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
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Tesla, Inc., Amazon.com, Inc., Apple Inc.
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| Amount: | $1,184,000
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| Maturity: | July 23, 2024
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| Coupon: | 30% annualized, payable monthly if each underlying stock closes at or above interest barrier level on relevant observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger value, par plus final coupon; otherwise, full exposure to 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 level on any monthly call date after three months
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| Initial levels: | $721.64 for Tesla, $113.76 for Amazon, $147.07 for Apple
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| Interest barriers: | $432.984 for Tesla, $68.256 for Amazon, $88.242 for Apple; 60% of initial levels
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| Trigger values: | $432.984 for Tesla, $68.256 for Amazon, $88.242 for Apple; 60% of initial levels
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| Pricing date: | July 18
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| Settlement date: | July 21
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48133LAL6
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