Published on 8/21/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.8 million contingent interest autocalls on three stocks
By Sarah Lizee
Olympia, Wash., Aug. 21 – JPMorgan Chase Financial Co. LLC priced $1.8 million of autocallable contingent interest notes due Aug. 23, 2023 linked to DuPont de Nemours, Inc., Centene Corp. and MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if the least performing stock closes at or above its 50% coupon barrier on the review date for that month.
The notes will be called at par plus the contingent coupon if the least performing stock closes at or above its initial level on any quarterly call review date after six months.
The payout at maturity will be par plus the coupon unless the least performing stock finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the least performing stock.
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 assets: | DuPont de Nemours, Inc., Centene Corp. and MetLife, Inc.
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Amount: | $1,804,000
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Maturity: | Aug. 23, 2023
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Coupon: | 12% annualized, payable monthly if least performing stock closes at or above coupon barrier on review date for that month
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Price: | Par
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Payout at maturity: | Par plus the coupon unless the least performing stock finishes below its trigger level, in which case investors will be fully exposed to any losses of least performing stock
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Call: | After six months, at par plus the contingent coupon if the least performing stock closes at or above initial level on any quarterly call review date
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Initial levels: | $57.00 for DuPont, $63.14 for Centene, $38.31 for MetLife
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Coupon barrier levels: | $28.50 for DuPont, $31.57 for Centene, $19.155 for MetLife, 50% of initial level
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Trigger levels: | $28.50 for DuPont, $31.57 for Centene, $19.155 for MetLife, 50% of initial level
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Pricing date: | Aug. 18
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Settlement date: | Aug. 21
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.25%
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Cusip: | 48132M2X8
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