Published on 12/6/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $10.33 million contingent interest autocalls on S&P, Russell
By Sarah Lizee
Olympia, Wash., Dec. 6 – JPMorgan Chase Financial Co. LLC priced $10.33 million of autocallable contingent interest notes due May 28, 2021 linked 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.
Each quarter, the notes will pay a contingent coupon at the rate of 6.25% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the review date for that quarter.
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 call review date other than the first and final ones.
If the notes have not been called, the payout at maturity will be par unless either index finishes below its initial level and any index ever closes below its trigger level, 70% of its initial level, during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index declines.
The notes are guaranteed by JPMorgan Chase & Co.
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: | Autocallable contingent interest notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $10,325,000
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Maturity: | May 28, 2021
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Coupon: | 6.25% per year, payable quarterly if each index closes at or above coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its initial level and any index ever closes below its trigger level during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index declines
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date other than the first and final ones
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Initial levels: | 1,621.904 for Russell and 3,133.64 for S&P
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Coupon barrier values: | 1,135.3328 for Russell and 2,193.548 for S&P, or 70% of initial levels
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Trigger values: | 1,135.3328 for Russell and 2,193.548 for S&P, or 70% of initial levels
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Pricing date: | Nov. 25
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Settlement date: | Nov. 29
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.09268%
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Cusip: | 48132F6R2
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