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JPMorgan changes maturity of step-up autocallable notes on indexes
By Sarah Lizee
Olympia, Wash., Aug. 23 – JPMorgan Chase Financial Co. LLC amended the maturity date and pricing date of its 0% step-up autocallable contingent buffered equity notes tied to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The maturity date was changed to Sept. 11, 2024 from Sept. 5, 2024 previously.
The pricing date was changed to Sept. 6 from Aug. 30.
The notes will be automatically called at par plus call premium if each index closes at or above its call level on any annual review date other than the final review date. The call premium will be at least 7.75% per year. The call level will be at most 103% of the initial level on the first review date and will step up by three percentage points each year. The exact terms will be set at pricing.
If each index finishes above its initial level, the payout at maturity will be par plus the return of the lesser-performing index.
If the final level of one index is greater than its initial level and the final level of the other index is equal to its initial level or is less than its initial level by up to 50% or if the final level of each index is equal to its initial level or is less than its initial level by up to 50%, the payout will be par.
If the final level of either index is less than its initial level by more than 50%, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
The notes will be guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
The Cusip is 48132CZ89.
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