Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.1 million autocallable contingent interest notes on credit card stocks
By William Gullotti
Buffalo, N.Y., April 4 – JPMorgan Chase Financial Co. LLC priced $1.1 million of autocallable contingent interest notes due May 3, 2023 linked to the least performing of the class A common stock of Mastercard Inc., the common shares of American Express Co. and the class A common stock of Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 8.95% if each stock closes at or above its interest barrier level, 70% of its strike level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above its strike level on any quarterly review date other than the final date.
The payout at maturity will be par plus any final coupon unless any stock finishes below its 65% trigger value, in which case investors will lose 1% for each 1% decline from the worst performer’s strike 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 stocks: | Mastercard Inc., American Express Co., Visa Inc.
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| Amount: | $1,100,000
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| Maturity: | May 3, 2023
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| Coupon: | 8.95% annualized, payable quarterly if each stock closes at or above interest barrier level on review date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of least performing stock from strike level
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above strike level on any quarterly review date other than the final date
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| Initial levels: | $395.65 for Mastercard, $152.54 for AmEx, $233.45 for Visa
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| Interest barrier: | $276.955 for Mastercard, $106.778 for AmEx, $163.415 for Visa; 70% of strike values
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| Trigger levels: | $257.1725 for Mastercard, $99.151 for AmEx, $151.7425 for Visa; 65% of strike values
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| Pricing date: | April 29, 2021
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| Settlement date: | May 4, 2021
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48132T4P8
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