By Kiku Steinfeld
Chicago, Aug. 8 – JPMorgan Chase Financial Co. LLC priced $584,000 of 0% step-up autocallable contingent buffered equity notes due Aug. 5, 2024 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will be called at par plus a 7% annual call premium if each index closes at or above its call level on any annual review date other than the final date. The call level will be 103% of the initial level on the first review date and will step up by 300 basis points each year.
If each index finishes above its initial level, the payout at maturity will be par plus the gain.
If either index falls but by no more than 50%, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index 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: | Step-up autocallable contingent buffered equity notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $584,000
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Maturity: | Aug. 5, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes above its initial level, par plus gain; if either index falls by up to 50%, par; otherwise, 1% loss for each 1% decline of least-performing index from initial level
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Call: | At par plus 7% annual call premium if each index closes at or above call level on any annual review date other than the final date
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Call level: | 103% of initial level on first review date with step-ups of 300 bps a year
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Initial levels: | 2,980.38 for S&P, 1,574.605 for Russell
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Buffer levels: | 50% of initial levels
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Pricing date: | July 31
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Settlement date: | Aug. 5
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.5%
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Cusip: | 48132C6S7
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