Published on 5/27/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $768,000 contingent interest autocalls on S&P, Russell
By Kiku Steinfeld
Chicago, May 27 – JPMorgan Chase Financial Co. LLC priced $768,000 of autocallable contingent interest notes due Nov. 3, 2022 tied to the lesser performing of the Russell 2000 index and the S&P 500 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 7.5% per year if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly review date other than the first, second and final review dates.
If the notes have not been called, the payout at maturity will be par unless either index finishes below its initial level and either index has closed below its barrier level, 70% of its initial 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: | Russell 2000 index and S&P 500 index
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Amount: | $768,000
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Maturity: | Nov. 3, 2022
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Coupon: | 7.5% per year, payable monthly if each index closes at or above interest barrier level on review date for that month
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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 closed below its barrier level during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
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Call: | Automatically at par if each index closes at or above its initial level on any monthly review date other than first, second and final review dates
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Initial index levels: | 2,266.449 for Russell, 4,181.17 for S&P
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Coupon barrier levels: | 1,586.5143 for Russell, 2,926.819 for S&P; 70% of initial levels
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Barrier levels: | 1,586.5143 for Russell, 2,926.819 for S&P; 70% of initial levels
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Pricing date: | April 30
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Settlement date: | May 5
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.25%
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Cusip: | 48132TXU5
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