Published on 7/1/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.07 million contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., July 1 – JPMorgan Chase Financial Co. LLC priced $3.07 million of autocallable contingent interest notes due Sept. 28, 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 month, the notes will pay a contingent coupon at the rate of 10% per year if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any monthly autocall review date other than the first, second and final ones.
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 has ever closed below its 50% 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.
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: | $3,069,000
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| Maturity: | Sept. 28, 2021
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| Coupon: | 10% per year, payable monthly if each index closes at or above interest barrier level on review date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its initial level and any 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
|
| Call: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any monthly autocall review date other than the first, second and final ones
|
| Initial levels: | 26,156.10 for Dow, 10,209.820 for Nasdaq and 1,439.338 for Russell
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| Interest barriers: | 18,309.27 for Dow, 7,146.874 for Nasdaq and 1,007.5366 for Russell; 70% of initial levels
|
| Trigger levels: | 13,078.05 for Dow, 5,104.91 for Nasdaq and 719.669 for Russell; 50% of initial levels
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| Pricing date: | June 23
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| Settlement date: | June 26
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.4763%
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| Cusip: | 48132MLU3
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