Published on 4/15/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $60,000 contingent interest autocalls on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, April 15 – JPMorgan Chase Financial Co. LLC priced $60,000 of autocallable contingent interest notes due Dec. 17, 2020 tied to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 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 19.5% per year if each index closes at or above its interest barrier level, 70% 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 plus any coupon due unless any index finishes below its initial level and any index ever closes below its 70% trigger level any day 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: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $60,000
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| Maturity: | Dec. 17, 2020
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| Coupon: | 19.5% 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: | 23,433.57 for Dow, 1,191.664 for Russell and 8,229.542 for Nasdaq
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| Interest barriers: | 16,403.499 for Dow, 834.1648 for Russell and 5,760.6794 for Nasdaq; 70% of initial levels
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| Trigger levels: | 16,403.499 for Dow, 834.1648 for Russell and 5,760.6794 for Nasdaq; 70% of initial levels
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| Pricing date: | April 8
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| Settlement date: | April 13
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.55%
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| Cusip: | 48132KHU2
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