Published on 5/6/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.51 million contingent interest autocallables on indexes
By Sarah Lizee
Olympia, Wash., May 6 – JPMorgan Chase Financial Co. LLC priced $2.51 million of autocallable contingent interest notes due Nov. 5, 2020 linked to the least performing of the Dow Jones industrial average, 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.
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, 75% 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 review date other than the first and final dates.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its initial level and any index has ever closed below 68.5% of its initial level during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
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: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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Amount: | $2.51 million
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Maturity: | Nov. 5, 2020
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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 any index finishes below its initial level and any index has ever closed below trigger level during the life of the notes, 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 contingent coupon if each index closes at or above initial level on any quarterly review date other than the first and final dates
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Initial index levels: | 26,430.14 for Dow, 2,923.73 for S&P and 1,576.379 for Russell
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Coupon barriers: | 19,822.605 for Dow, 2,192.7975 for S&P and 1,182.2843 for Russell; 75% of initial levels
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Trigger levels: | 18,104.6459 for Dow, 2,002.7551 for S&P and 1,079.8196 for Russell; 68.5% of initial levels
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Pricing date: | May 1
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Settlement date: | May 6
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.225%
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Cusip: | 48132CJT1
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