Published on 9/22/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.02 million autocallable contingent interest notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Sept. 22 – JPMorgan Chase Financial Co. LLC priced $1.02 million of autocallable contingent interest notes due March 19, 2026 linked to the Nasdaq-100 index, the S&P 500 index and the Vanguard Information Technology ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.15%, paid monthly, if each underlier closes at or above its 80% coupon barrier on the related monthly observation date.
The securities will be called automatically at par plus the coupon if the closing level of each underlier is greater than or equal to its initial level on any monthly review date starting Sept. 16, 2024.
If the notes are not called and each underlier finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performing asset finishes below its coupon barrier but at or above its 70% trigger level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performing asset from 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 assets: | Nasdaq-100 index, S&P 500 index and Vanguard Information Technology ETF
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| Amount: | $1.02 million
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| Maturity: | March 19, 2026
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| Coupon: | 10.15%, paid monthly, if each underlier closes at or above its 80% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each asset finishes at or above coupon barrier; if worst performing asset finishes below coupon barrier but at or above trigger level, par; otherwise, investors will be fully exposed to the decline in the worst performing asset
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| Call: | Automatically at par plus coupon if the closing level of each underlier is greater than or equal to its initial level on any monthly review date starting Sept. 16, 2024
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| Initial levels: | 15,202.40 for Nasdaq, 4,450.32 for S&P, $426.34 for ETF
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| Coupon barriers: | 12,161.92 for Nasdaq, 3,560.256 for S&P, $341.072 for ETF; 80% of initial levels
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| Trigger levels: | 10,641.68 for Nasdaq, 3,115.224 for S&P, $298.438 for ETF; 70% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.95%
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| Cusip: | 48134APT6
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