Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $230,000 contingent interest autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 31 – JPMorgan Chase Financial Co. LLC priced $230,000 of autocallable contingent interest notes due Sept. 23, 2021 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 7.59% per year if each index closes at or above its interest barrier level, 65% 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 final review date.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 65% trigger level during the life of the notes, 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: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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Amount: | $230,000
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Maturity: | Sept. 23, 2021
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Coupon: | 7.59% 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 unless any index finishes below initial level and any index ever closes below trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date other than final review date
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Initial levels: | 20,087.19 for Dow, 7,288.523 for Nasdaq and 1,058.75 for Russell
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Interest barriers: | 13,056.6735 for Dow, 4,737.53995 for Nasdaq and 688.1875 for Russell; 65% of initial levels
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Triggers: | 13,056.6735 for Dow, 4,737.53995 for Nasdaq and 688.1875 for Russell; 65% of initial levels
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Pricing date: | March 19
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Settlement date: | March 24
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.15%
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Cusip: | 48132KFJ9
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