Published on 6/22/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1 million autocallable contingent interest notes on three stocks
By Kiku Steinfeld
Chicago, June 22 – JPMorgan Chase Financial Co. LLC sold $1 million of autocallable contingent interest notes due Dec. 14, 2022 linked to the performance of the stocks of Delta Air Lines, Inc., Wynn Resorts, Ltd. and Royal Caribbean Cruises Ltd., 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 17.9% if each stock closes at or above its interest barrier level, 60% of its initial level, on the corresponding review date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called automatically starting June 9, 2022 and on any subsequent quarterly review date if each stock closes at or above its initial level.
If the notes are not called and each stock finishes at or above its 0% trigger value, the payout will be par plus all unpaid coupons.
Otherwise, 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: | Autocallable contingent interest notes
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| Underlying stocks: | Delta Air Lines, Inc., Wynn Resorts, Ltd. and Royal Caribbean Cruises Ltd.
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| Amount: | $1 million
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| Maturity: | Dec. 14, 2022
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| Coupon: | 17.9%, paid quarterly, if each underlying stock closes at or above its trigger level on the related quarterly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger value, par plus all unpaid coupons; otherwise, full exposure to decline of worst performer from initial level
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| Call option: | Automatically starting June 9, 2022 if each stock closes at or above initial level on any quarterly call date
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| Initial levels: | $38.50 for Delta, $87.53 for Wynn, $74.70 for Royal
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| Interest barriers: | $23.10 for Delta, $52.518 for Wynn, $44.82 for Royal; 60% of initial levels
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| Trigger values: | $23.10 for Delta, $52.518 for Wynn, $44.82 for Royal; 60% of initial levels
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| Pricing date: | Dec. 10, 2021
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| Settlement date: | Dec. 15, 2021
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.2%
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| Cusip: | 48133CAX0
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