Published on 4/16/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $850,000 contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., April 16 – JPMorgan Chase Financial Co. LLC priced $850,000 of autocallable contingent interest notes due April 13, 2023 tied to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 11.25% per year if each index closes at or above its interest barrier level, 80% of its initial level, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the first, second, third and final review dates.
If the notes have not been called, the payout at maturity will be par plus any coupon due unless any index finishes below the 70% trigger level, in which case investors will lose 1% for every 1% that the least-performing index 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
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $850,000
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| Maturity: | April 13, 2023
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| Coupon: | 11.25% per year, payable quarterly if each index closes at or above interest barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any index finishes below the 70% trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date other than first, second, third and final review dates
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| Initial levels: | 22,653.86 for Dow, 8,049.307 for Nasdaq and 1,139.170 for Russell
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| Interest barriers: | 18,123.088 for Dow, 6,439.4456 for Nasdaq and 911.336 for Russell; 80% of initial levels
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| Trigger levels: | 15,857.702 for Dow, 5,634.5149 for Nasdaq and 797.419 for Russell; 70% of initial levels
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| Pricing date: | April 7
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| Settlement date: | April 13
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.95%
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| Cusip: | 48132KRQ0
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