Published on 4/16/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.32 million review notes tied S&P, Russell, Dow
Chicago, April 16 – JPMorgan Chase Financial Co. LLC priced $1.32 million of 0% review notes due April 8, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 14% if each index closes at or above its applicable call level on any annual review date. The call level will be 110% of the initial level for each index for the first review date, 105% for the second review date, 100% for the third review date and 95% of the initial level for the final review date.
If the notes are not called, the payout at maturity will be par unless any underlying index falls by more than 30%, in which case investors will be fully exposed to any losses of the worst performing index.
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: | Review notes
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| Underlying indexes: | S&P 500, Russell 2000 and Dow Jones industrial average
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| Amount: | $1,317,000
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| Maturity: | April 8, 2024
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus 14% per year if each index closes at or above its applicable call level on any annual review date
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| Payout at maturity: | If not called and each index finishes at or above 70% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Initial levels: | 2,488.65 for S&P, 1,052.053 for Russell and 21,052.53 for Dow
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| Trigger levels: | 1,742.055 for S&P, 736.4371 for Russell and 14,736.771 for Dow, 70% of initial levels
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| Call levels: | 110% of the initial level for each index on first review date, 105% on second review date, 100% on third review date and 95% on final review date
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| Pricing date: | April 3
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| Settlement date: | April 13
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48132KNJ0
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