Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.2 million callable contingent interest notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., April 25 – JPMorgan Chase Financial Co. LLC sold $2.2 million of callable contingent interest notes due Oct. 13, 2028 linked to the performance of the S&P 500 index, the Russell 2000 index and the Consumer Staples Select Sector SPDR Fund, 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 quarterly coupon at an annual rate of 9.35% if each underlier closes at or above its interest barrier level, 75% of its initial level, on the corresponding review date.
The notes will be callable at par plus any coupon otherwise due on any quarterly call date after six months.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above its interest barrier.
If the worst performer finishes below its interest barrier but at or above its 70% trigger value, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from 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: | Callable contingent interest notes
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| Underlying assets: | S&P 500 index, Russell 2000 index, Consumer Staples Select Sector SPDR Fund
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| Amount: | $2.2 million
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| Maturity: | Oct. 13, 2028
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| Coupon: | 9.35% annualized, payable quarterly if each underlier closes at or above interest barrier level on the relevant review date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each underlier finishes at or above interest barrier; if worst performer finishes below interest barrier but at or above trigger value, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call option: | At par plus any coupon due on any quarterly call date after six months
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| Initial levels: | $74.31 for ETF, 5,160.64 for S&P, 2,028.389 for Russell
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| Interest barriers: | $55.7325 for ETF, 3,870.48 for S&P, 1,521.29175 for Russell; 75% of initial levels
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| Trigger values: | $52.017 for ETF, 3,612.448 for S&P, 1,419.8723 for Russell; 70% of initial levels
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| Pricing date: | April 10
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| Settlement date: | April 15
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48134XWB7
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