Published on 9/21/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $500,000 29.25% autocallable contingent interest notes on cruise ships
By Kiku Steinfeld
Chicago, Sept. 21 – JPMorgan Chase Financial Co. LLC priced $500,000 of autocallable contingent interest notes due March 11, 2026 linked to the common stocks of Carnival Corp., Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 29.25%, paid quarterly, if each underlying stock closes at or above its 60% coupon barrier on the related quarterly observation date.
The securities will be called automatically starting Sept. 6, 2023 at par if the price of each underlying stock is greater than or equal to its initial price on any quarterly review date.
At maturity the payout will be par unless the worst performing stock closes below its 50% trigger level in which case investors will be fully exposed to the decline of the worst 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 stocks: | Carnival Corp., Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd.
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Amount: | $500,000
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Maturity: | March 11, 2026
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Coupon: | 29.25%, paid quarterly, if each underlying stock closes at or above its 60% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless the worst performing stock closes below its trigger level in which case investors will be fully exposed to the decline in the worst performing stock
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Call: | Automatically starting Sept. 6, 2023 at par if the price of each underlying stock is greater than or equal to its initial price on any quarterly review date
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Initial levels: | $11.07 for Carnival, $16.32 for Norwegian, $74.16 For Royal
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Trigger levels: | $5.535 for Carnival, $8.16 for Norwegian, $37.08 For Royal, 50% of initial level
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Coupon barriers: | $6.642 for Carnival, $9.792 for Norwegian, $44.496 For Royal, 60% of initial levels
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Pricing date: | March 7, 2023
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Settlement date: | March 10, 2023
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.6%
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Cusip: | 48133UYB2
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