Published on 2/7/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2 million autocallable contingent interest notes on bank stocks
By William Gullotti
Buffalo, N.Y., Feb. 7 – JPMorgan Chase Financial Co. LLC priced $2 million of autocallable contingent interest notes due April 17, 2024 linked to the least performing of the stocks of Comerica Inc., Fifth Third Bancorp and Regions Financial Corp., 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 quarterly coupon at an annual rate of 14.75% if each stock closes at or above its interest barrier level, 70% of its initial level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly review date other than the first and final dates.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 70% trigger value, in which case investors will lose 1% for each 1% decline from the worst performer’s 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: | Comerica Inc., Fifth Third Bancorp, Regions Financial Corp.
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| Amount: | $2,000,000
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| Maturity: | April 17, 2024
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| Coupon: | 14.75% annual rate, payable quarterly if each stock closes at or above interest barrier level on review date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of least performing stock from initial level
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly review date other than the first and final dates
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| Initial levels: | $72.25 for Comerica, $38.85 for Fifth Third, $21.42 for Regions
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| Interest barrier levels: | $50.575 for Comerica, $27.195 for Fifth Third, $14.994 for Regions; 70% of initial values
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| Trigger levels: | $50.575 for Comerica, $27.195 for Fifth Third, $14.994 for Regions; 70% of initial values
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| Pricing date: | April 12
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| Settlement date: | April 15
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.35%
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| Cusip: | 48132TUM6
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