Published on 5/14/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million contingent interest autocallables on indexes
By Sarah Lizee
Olympia, Wash., May 14 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due May 15, 2024 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 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 8.35% per year if each index closes at or above its coupon barrier, 85% 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 monthly review date other than the first, second, third and final dates.
If the notes have not been called, the payout at maturity will be par unless any index finishes below 85% of its initial level, in which case investors will lose 1% for every 1% that the least-performing index declines beyond 15%.
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, Russell 2000 index and Nasdaq-100 index
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Amount: | $1 million
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Maturity: | May 15, 2024
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Coupon: | 8.35% 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 85% of its initial level, in which case investors will lose 1% for every 1% that the least-performing index declines beyond 15%
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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 other than the first, second, third and final dates
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Initial index levels: | 2,881.40 for S&P, 1,572.993 for Russell and 7,586.531 for Nasdaq
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Coupon barriers: | 2,449.19 for S&P, 1,337.04405 for Russell and 6,448.55135 for Nasdaq; 85% of initial levels
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Buffer | levels: | 2,449.19 for S&P, 1,337.04405 for Russell and 6,448.55135 for Nasdaq; 85% of initial levels
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Pricing date: | May 10
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Settlement date: | May 15
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.75%
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Cusip: | 48132CLC5
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