New York, May 1 – JPMorgan Chase Financial Co. LLC priced $1.5 million of callable contingent interest notes due Dec. 27, 2023 linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a contingent quarterly coupon, equivalent to 9% for the term of the notes, payable if the stock closes at or above the 60% downside threshold on the valuation date for that period. The first two coupons, if payable, will pay at a rate of $33.75 per $1,000 principal amount. The final, if payable, will be $22.50 per note.
The securities may be called at par on any determination date.
If the stock finishes at or above its 60% downside threshold, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1% for every 1% that the stock declines from initial level.
The notes are guaranteed by JPMorgan Chase & Co.
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: | Callable contingent interest notes
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| Underlying stock: | Valero Energy Corp.
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| Amount: | $1.5 million
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| Maturity: | Dec. 27, 2023
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| Coupon: | 9% for the term, payable quarterly if closing price of shares is greater than or equal to coupon barrier price on valuation date for that period; first two coupons will pay $33.75 per note with the final coupon worth $22.50
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above its downside threshold level, par; otherwise, 1% loss for every 1% that stock declines from initial level
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| Call option: | At par on any quarterly determination date
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| Initial level: | $119.63
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| Downside threshold: | $71.778, 60% of initial level
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| Pricing date: | April 21
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| Settlement date: | April 26
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.6%
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| Cusip: | 48133V3J7
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