Published on 12/29/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.16 million callable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., Dec. 29 – JPMorgan Chase Financial Co. LLC sold $1.16 million of callable contingent interest notes due Dec. 24, 2026 linked to the stock performance of Walt Disney Co., Southwest Airlines Co. and NIKE, 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 monthly coupon at an annual rate of 18.25% if each stock closes at or above its interest barrier level, 60% of its initial level, on the review date for that month.
The notes will be callable at par on any monthly call date after three months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 70% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing stock from 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: | Callable contingent interest notes
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| Underlying stocks: | Walt Disney Co., Southwest Airlines Co., NIKE, Inc.
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| Amount: | $1,158,000
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| Maturity: | Dec. 24, 2026
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| Coupon: | 18.25% annualized, payable monthly if each underlying stock closes at or above interest barrier level on review date for that month
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of worst performing stock from initial level
|
| Call option: | At par on any monthly call date after three months
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| Initial levels: | $29.07 for Southwest, $91.27 for Disney, $121.43 for NIKE
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| Interest barriers: | $17.442 for Southwest, $54.762 for Disney, $72.858 for NIKE; 60% of initial levels
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| Trigger values: | $20.349 for Southwest, $63.889 for Disney, $85.001 for NIKE; 70% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 48134R4L9
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