By Kiku Steinfeld
Chicago, Aug. 10 – JPMorgan Chase Financial Co. LLC priced $11.59 million of contingent income autocallable securities due July 19, 2024 linked to Freeport-McMoRan Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The securities will pay a contingent quarterly coupon at an annualized rate of 10.5% if the underlying stock closes at or above the 60% downside threshold on the related observation date.
If the underlying stock closes at or above its initial price on any quarterly observation date other than the final, the securities will be redeemed at par of $10 plus the contingent coupon.
If the underlying stock finishes at or above the 60% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline in share price from the initial level.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Freeport-McMoRan Inc.
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| Amount: | $11,590,700
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| Maturity: | July 19, 2024
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| Coupon: | 10.5% annualized, payable quarterly if the underlying stock closes at or above downside threshold on the relevant observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon if underlying stock finishes at or above downside threshold; otherwise, investors will lose 1% for every 1% decline in share price from the initial level
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| Call: | At par plus contingent coupon if underlying stock closes at or above initial share price on any quarterly observation date other than the final
|
| Initial share price: | $33.20
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| Downside threshold: | $19.92; 60% of initial price
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 2.5%
|
| Cusip: | 48132X305
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