Published on 6/30/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $33.31 million autocallable contingent interest notes on three SPDR ETFs
By William Gullotti
Buffalo, N.Y., June 30 – JPMorgan Chase Financial Co. LLC priced $33.31 million of autocallable contingent interest notes due June 28, 2023 linked to the least performing of the SPDR S&P Regional Banking ETF, the SPDR S&P Biotech ETF and the Technology Select Sector SPDR Fund, 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 12% if each ETF closes at or above its interest barrier level, 75% of its initial level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any quarterly review date.
The payout at maturity will be par plus the final coupon unless any ETF finishes below its 75% trigger value, in which case investors will lose 1% for each 1% decline from the worst performer’s 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 ETFs: | SPDR S&P Regional Banking ETF, SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund
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Amount: | $33,305,000
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Maturity: | June 28, 2023
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Coupon: | 12% annualized, payable quarterly if each ETF 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 ETF finishes below trigger level, in which case 1% loss for each 1% decline of least performing ETF from initial level
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Call: | Automatically at par plus contingent coupon if each ETF closes at or above initial level on any quarterly review date
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Initial levels: | $67.64 for Banking, $138.68 for Biotech, $145.23 for Technology
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Interest barrier: | $50.73 for Banking, $104.01 for Biotech, $108.9225 for Technology; 75% of initial values
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Trigger levels: | $50.73 for Banking, $104.01 for Biotech, $108.9225 for Technology; 75% of initial values
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Pricing date: | June 25
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Settlement date: | July 1
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.75%
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Cusip: | 48132USE4
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