Published on 9/28/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.5 million contingent interest autocalls on Dow, Nasdaq, S&P
By Wendy Van Sickle
Columbus, Ohio, Sept. 28 – JPMorgan Chase Financial Co. LLC priced $1.5 million of autocallable contingent interest notes due March 23, 2023 tied to the least performing of the S&P 500 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 10.75% per year if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any monthly review date other than the first, second 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 level, 65% of its initial level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
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 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1,503,000
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Maturity: | March 23, 2023
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Coupon: | 10.75% per year, payable monthly if each index closes at or above interest barrier level on review date for that month
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
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Call: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any monthly review date other than the first, second and final review dates
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Initial levels: | 27,657.42 for Dow, 10,936.98 for Nasdaq and 3,319.47 for S&P
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Interest barriers: | 19,360.194 for Dow, 7,655.886 for Nasdaq and 2,323.629 for S&P; 70% of initial levels
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Triggers: | 17,977.323 for Dow, 7,109.037 for Nasdaq and 2,157.6555 for S&P; 65% of initial levels
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Pricing date: | Sept. 18
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Settlement date: | Sept. 23
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.41996%
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Cusip: | 48132MZ61
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