Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.77 million callable contingent interest notes on three indexes
By William Gullotti
Buffalo, N.Y., April 23 – JPMorgan Chase Financial Co. LLC sold $2.77 million of callable contingent interest notes due March 20, 2026 linked to the performance of the Nasdaq-100 Technology Sector 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.
The notes will pay a contingent monthly coupon at an annual rate of 9% if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that month.
After three months, the notes will be callable at par plus any coupon otherwise due on any monthly call date.
The payout at maturity will be par plus the final coupon unless any index finishes below the 70% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
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| Underlying indexes: | Nasdaq-100 Technology Sector index, Russell 2000 index, S&P 500 index
|
| Amount: | $2,766,000
|
| Maturity: | March 20, 2026
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| Coupon: | 9% annualized, payable monthly if each underlying index closes at or above interest barrier level on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any index finishes below trigger level, in which case 1% loss for each 1% decline of worst performing index from initial level
|
| Call option: | At par plus any coupon due on any monthly call date after three months
|
| Initial levels: | 9,816.78 for Nasdaq Tech, 1,947.947 for Russell, 5,022.21 for S&P
|
| Interest barriers: | 6,871.746 for Nasdaq Tech, 1,363.5629 for Russell, 3,515.547 for S&P; 70% of initial levels
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| Trigger values: | 6,871.746 for Nasdaq Tech, 1,363.5629 for Russell, 3,515.547 for S&P; 70% of initial levels
|
| Pricing date: | April 17
|
| Settlement date: | April 22
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.225%
|
| Cusip: | 48134XA21
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