Published on 6/19/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2 million contingent interest autocallables on four stocks
By Sarah Lizee
Olympia, Wash., June 19 – JPMorgan Chase Financial Co. LLC priced $2 million autocallable contingent interest notes due June 20, 2023 linked to the least performing of Visa Inc., Apple Inc., PayPal Holdings, Inc. and Capital One Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 14.25% per year if each stock closes at or above its coupon barrier, 70% 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 stock closes at or above its initial level on any quarterly autocall review date after six months.
If the notes have not been called, the payout at maturity will be par unless any stock finishes below its buffer value, 70% of its initial level, in which case investors will lose 1% for every 1% that the least-performing stock declines below 30%.
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: | Autocallable contingent interest notes
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| Underlying stocks: | Visa Inc., Apple Inc., PayPal Holdings, Inc. and Capital One Financial Corp.
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| Amount: | $2 million
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| Maturity: | June 20, 2023
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| Coupon: | 14.25% per year, payable monthly if each stock closes at or above coupon buffer on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below buffer value, in which case investors will lose 1% for every 1% that the least-performing stock declines beyond buffer
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly autocall review date after six months
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| Initial levels: | $191.76 for Visa, $342.99 for Apple, $157.55 for PayPal, $71.17 for Capital One
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| Coupon barrier: | $134.232 for Visa, $240.093 for Apple, $110.285 for PayPal, $49.819 for Capital One, or 70% of initial levels
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| Buffer values: | $134.232 for Visa, $240.093 for Apple, $110.285 for PayPal, $49.819 for Capital One, or 70% of initial levels
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| Pricing date: | June 15
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| Settlement date: | June 18
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.5%
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| Cusip: | 48132MFK2
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