Published on 10/7/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $260,000 autocallable step-down contingent interest notes on indexes
By Sarah Lizee
Olympia, Wash., Oct. 7 – JPMorgan Chase Financial Co. LLC priced $260,000 of autocallable step-down contingent interest notes due Sept. 30, 2024 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its trigger value, 70% of its initial level, on the review date for that quarter. The contingent coupon rate will be 11% per year in the first year, 8% per year in the second year, 7% per year in the third year and 6% per year onwards.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the first 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
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable step-down contingent interest notes
|
| Underlying indexes: | Russell 2000, Euro Stoxx 50, S&P 500
|
| Amount: | $260,000
|
| Maturity: | Sept. 30, 2024
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| Coupon: | Each quarter, notes will pay a contingent coupon if each index closes at or above its trigger value on the review date for that quarter; rate will be 11% per year in the first year, 8% per year in the second year, 7% per year in the third year and 6% per year onwards
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its knock-in level, in which case investors will be exposed to any losses of least performing index
|
| Call: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the first and final review dates
|
| Initial levels: | 2,976.74 for S&P, 1,523.373 for Russell and 3,569.45 for Stoxx
|
| Trigger levels: | 2,083.718 for S&P, 1,066.3611 for Russell and 2,498.615 for Stoxx; 70% of initial levels
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 3
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.79087%
|
| Cusip: | 48132FHU3
|
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