Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $250,000 contingent interest autocallables linked to three stocks
By Angela McDaniels
Tacoma, Wash., July 24 – JPMorgan Chase Financial Co. LLC priced $250,000 of autocallable contingent interest notes due Sept. 12, 2025 linked to the least performing of the class B common stock of Nike, Inc., the common stock of Home Depot, Inc. and the American Depositary Shares of GlaxoSmithKline plc, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 17.25% per year if each stock closes at or above its interest barrier, 70% of its initial share price, 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 share price on any monthly review date other than the first, second and final review dates.
If the notes have not been called, the payout at maturity will be par unless every stock finishes below its initial share price and any stock finishes below its trigger value, 60% of its initial share price, in which case investors will lose 1% for every 1% that the least-performing stock finishes below its initial share price.
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: | Nike, Inc., Home Depot, Inc. and GlaxoSmithKline plc
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| Amount: | $250,000
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| Maturity: | Sept. 12, 2025
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| Coupon: | 17.25% per year, payable monthly if each stock closes at or above interest barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless every stock finishes below its initial share price and any stock finishes below trigger value, in which case 1% loss for every 1% that least-performing stock finishes below initial share price
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on any monthly review date other than first, second and final ones
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| Initial share prices: | $110.97 for Nike, $299.77 for Home Depot and $31.89 for GlaxoSmithKline
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| Interest barriers: | $77.679 for Nike, $209.839 for Home Depot and $22.323 for GlaxoSmithKline, or 70% of initial share prices
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| Trigger values: | $66.582 for Nike, $179.862 for Home Depot and $19.134 for GlaxoSmithKline, or 60% of initial share prices
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| Pricing date: | Sept. 9, 2022
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| Settlement date: | Sept. 14, 2022
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 48133MW97
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