Published on 6/8/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $525,000 autocallable yield notes on Russell, S&P
By Sarah Lizee
Olympia, Wash., June 8 – JPMorgan Chase Financial Co. LLC sold $525,000 of 11% autocallable yield notes due Sept. 2, 2021 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
Interest will payable quarterly.
After six months, the notes will be called at par if each index closes at or above its initial level on any quarterly review date other than the final one.
The payout at maturity will be par unless either index finishes below its initial level and either index has ever closed below its trigger level, 75% of its initial level, on 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.
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 yield notes
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Underlying indexes: | Russell 2000 and S&P 500
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Amount: | $525,000
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Maturity: | Sept. 2, 2021
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Coupon: | 11%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its initial level and either index has ever closed below its trigger level on 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
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Call: | After six months, at par if each index closes at or above the initial level on any quarterly review date other than the final one
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Initial levels: | 1,394.035 for Russell and 3,044.31 for S&P
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Trigger levels: | 1,045.52625 for Russell and 2,283.2325 for S&P, 75% of initial levels
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Pricing date: | May 29
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Settlement date: | June 3
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Agent: | J.P. Morgan Securities LLC
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Fees: | None
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Cusip: | 48132KU94
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