Published on 4/15/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.43 million contingent interest autocalls on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, April 15 – JPMorgan Chase Financial Co. LLC priced $1.43 million of autocallable contingent interest notes due Jan. 20, 2027 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each month, the notes will pay a contingent coupon at the rate of 8.25% per year if each index closes at or above its trigger value, 65% 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 review date other than the first, second, third, fourth, fifth and final review dates.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its trigger value, 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 contingent interest notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $1,429,000
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| Maturity: | Jan. 20, 2027
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| Coupon: | 8.25% per year, payable monthly if each index closes at or above trigger value on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below trigger value, in which case 1% loss for every 1% that least-performing index finishes below initial level
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly review date other than first, second, third, fourth, fifth and final ones
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| Initial levels: | 15,565.60 for Nasdaq-100, 1,931.090 for Russell, 4,505.42 for S&P
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| Downside thresholds: | 10,895.92 for Nasdaq-100, 1,351.763 for Russell, 3,153.794 for S&P, 70% of initial levels
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.85%
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| Cusip: | 48133YBC7
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