Published on 3/10/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.76 million contingent interest autocallables on ETF, two indexes
By Marisa Wong
Los Angeles, March 10 – JPMorgan Chase Financial Co. LLC priced $2.76 million of autocallable contingent interest notes due Dec. 2, 2020 tied to the least performing of the Nasdaq-100 index, the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, 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 a rate of 12.4% per year if each underlying closes at or above its coupon barrier, 70% of its initial value, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each underlying closes at or above its initial level on any quarterly review other than the final review date.
If the notes have not been called, the payout at maturity will be par unless any underlying finishes below its initial level and any underlying closes below its trigger value, 70% of its initial value, on any day during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing underlying finishes below its initial value.
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 assets: | Nasdaq-100 index, S&P 500 index and SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $2,759,000
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Maturity: | Dec. 2, 2020
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Coupon: | 12.4% per year, payable each quarter that each underlying 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 underlying finishes below its initial value and any underlying closes below its trigger value on any day during the life of the notes, in which case full exposure to decline of least-performing underlying
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Call: | Automatically at par plus contingent coupon if each underlying closes at or above its initial value on any quarterly review other than final review date
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Initial values: | 8,436.666 for Nasdaq, 2,978.76 for S&P and $14.83 for Oil ETF
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Coupon barriers: | 5,905.6662 for Nasdaq, 2,085.132 for S&P and $10.381 for Oil ETF; 70% of initial values
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Trigger values: | 5,905.6662 for Nasdaq, 2,085.132 for S&P and $10.381 for Oil ETF; 70% of initial values
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Pricing date: | Feb. 27
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Settlement date: | March 3
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.55152%
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Cusip: | 48132HD66
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