Published on 7/10/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $50,000 contingent interest step-down autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, July 10 – JPMorgan Chase Financial Co. LLC priced $50,000 of autocallable step-down contingent interest notes due July 1, 2022 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 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 if each index closes at or above 70% of its initial level on the observation date for that quarter. The contingent interest rate will be 9.5% per year for the first year and 5.5% per year onwards.
The notes will be automatically called at par if each asset closes at or above its initial level on any quarterly observation date except the final one.
The payout at maturity will be par unless any asset finishes below 70% of its initial level, in which case investors will be exposed to the decline of the least-performing asset from 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 step-down contingent interest notes
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| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
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| Amount: | $50,000
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| Maturity: | July 1, 2022
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| Issue price: | Par
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| Coupon: | Quarterly contingent coupon if each index closes above 70% of initial level on related observation date; annualize rate of 9.5% for first year and 5.5% onwards
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| Call: | At par if each asset closes at or above its initial level on any quarterly observation date except the final one
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| Payout at maturity: | Par unless any index finishes below 70% trigger level, in which case full exposure to any losses of worst performing index
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| Initial levels: | 3,473.69 for Stoxx, 1,566.572 for Russell 2000 and 2,941.76 for S&P 500
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| Interest barrier/trigger levels: | 2,431.583 for Stoxx, 1,096.6 for Russell 2000 and 2,059.232 for S&P 500, or 70% of initial levels
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| Pricing date: | June 28
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| Settlement date: | July 3
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.5%
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| Cusip: | 48132CTU7
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