Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $632,000 contingent interest autocalls on Dow, S&P, Nasdaq
By Kiku Steinfeld
Chicago, July 24 – JPMorgan Chase Financial Co. LLC priced $632,000 of autocallable contingent interest notes due Feb. 20, 2026 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 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 monthly coupon at an annual rate of 6.25% if each index closes at or above its interest barrier level, 75% of its initial level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly review date after one year.
The payout at maturity will be par unless any index finishes below its 80% buffer value, in which case investors will lose 1% for each 1% decline beyond 20%.
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: | Nasdaq-100 index, Dow Jones industrial average and S&P 500 index
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| Amount: | $632,000
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| Maturity: | Feb. 20, 2026
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| Coupon: | 6.25% annualized, payable monthly if each index closes at or above interest barrier level on review date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below buffer level, in which case 1% loss for each 1% decline of least performing index beyond 20%
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly review date after one year
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| Initial levels: | 4,079.09 for S&P, 33,826.69 Dow and 12,358.18 for Nasdaq
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| Buffer levels: | 3,263.272 for S&P, 27,061.352 for Dow and 9,886.544 for Nasdaq; 80% of initial levels
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| Interest barrier levels: | 3,059.3175 for S&P, 25,370.0175 for Dow and 9,268.635 for Nasdaq; 75% of initial levels
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| Pricing date: | Feb. 17, 2023
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| Settlement date: | Feb. 23, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 48133UEX6
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