Published on 12/21/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $5.77 million autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., Dec. 21 – JPMorgan Chase Financial Co. LLC sold $5.77 million of autocallable contingent interest notes due Dec. 18, 2025 linked to the performance of the stocks of Airbnb, Inc., Amazon.com, Inc. and Alphabet 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 16.76% 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 interest barrier, the payout at maturity will be par plus all unpaid coupons.
If the worst performer finishes below its interest barrier but at or above the 50% trigger value, the payout will be par. 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: | Airbnb, Inc., Amazon.com, Inc., Alphabet Inc.
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| Amount: | $5,774,000
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| Maturity: | Dec. 18, 2025
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| Coupon: | 16.76% 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 interest barrier, par plus all unpaid coupons; if worst performer finishes below interest barrier but at or above trigger value, par; 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: | $146.60 for Airbnb, $149.97 for Amazon, $132.60 for Alphabet
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| Interest barriers: | $87.96 for Airbnb, $89.982 for Amazon, $79.56 for Alphabet; 60% of initial levels
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| Trigger values: | $73.30 for Airbnb, $74.985 for Amazon, $66.30 for Alphabet; 50% of initial levels
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.7%
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| Cusip: | 48134RV21
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