Published on 8/7/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.19 million contingent interest autocalls on indexes, ETF
By Kiku Steinfeld
Chicago, Aug. 7 – JPMorgan Chase Financial Co. LLC priced $2.19 million of autocallable contingent interest notes due July 30, 2024 linked to the least performing of the Russell 2000 index, the Nasdaq-100 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 month, the notes will pay a contingent coupon at the rate of 8% per year if each index closes at or above its interest barrier, 65% of its initial level, on the review date for that month.
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 final one, beginning July 27, 2020.
If the notes have not been called, the payout at maturity will be par plus any coupon due unless any index closes below its trigger value, 53% of its initial level, 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 components: | Russell 2000, Nasdaq-100 and SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $2,190,000
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Maturity: | July 30, 2024
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Coupon: | 8% per year, payable monthly if each index closes at or above interest barrier on review date for that month
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Price: | Par
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Payout at maturity: | Par plus any coupon due unless any index closes below trigger value, in which case 1% loss for every 1% that least-performing index finishes below initial level
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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 final one, beginning July 27, 2020
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Initial levels: | 7,929.867 for Nasdaq, 1,561.449 for Russell, $24.50 for ETF
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Interest barriers: | 5,154.41355 for Nasdaq, 1,014.94185 for Russell, $15.925 for ETF, 65% of initial levels
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Trigger values: | 4,202.82951 for Nasdaq, 827.56797 for Russell, $12.985 for ETF, 53% of initial levels
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Pricing date: | July 25
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Settlement date: | July 30
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Agent: | J.P. Morgan Securities LLC
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Fees: | 4.125%
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Cusip: | 48132C6V0
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