Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.24 million callable contingent interest notes on Russell, S&P
By Sarah Lizee
Olympia, Wash., March 31 – JPMorgan Chase Financial Co. LLC sold $3.24 million of callable contingent interest notes due June 28, 2021 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, 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 14.3% if each index closes at or above its interest barrier level, 60% of its initial level, on the review date for that quarter.
The notes will be callable at par on any quarterly review date other than the first and final ones.
The payout at maturity will be par plus the final coupon, unless either index finishes below the 60% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable contingent interest notes
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| Underlying indexes: | Russell 2000, S&P 500
|
| Amount: | $3,236,000
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| Maturity: | June 28, 2021
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| Coupon: | 14.3% annualized, payable quarterly if each underlying index closes at or above coupon barrier level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, unless either index finishes below trigger level, in which case 1% loss for each 1% decline of worst performing index from initial level
|
| Call option: | At par on any quarterly review date other than first and final ones
|
| Initial levels: | 2,237.40 for S&P, 1,002.417 for Russell
|
| Interest barrier/trigger levels: | 1,342.44 for S&P, 601.4502 for Russell; 60% of initial levels
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.6%
|
| Cusip: | 48132KMH5
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