By William Gullotti
Buffalo, N.Y., April 27 – JPMorgan Chase Financial Co. LLC sold $1 million of autocallable contingent interest notes due April 25, 2024 linked to the performance of the stocks of Costco Wholesale Corp. and Walmart 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 8.5% if each stock closes at or above its interest barrier level, 70% of its initial level, on the corresponding review date.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any quarterly call date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its interest barrier.
If the worst performer finishes below its interest barrier but at or above the 60% trigger value, the payout will be par. 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: | Costco Wholesale Corp., Walmart Inc.
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| Amount: | $1 million
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| Maturity: | April 25, 2024
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| Coupon: | 8.5% annualized, payable monthly if each underlying stock closes at or above interest barrier level on relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above interest barrier; if worst performer finishes below interest barrier but not below trigger value, par; otherwise, 1% loss for each 1% decline of worst performing stock from initial level
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| Call option: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly call date after six months
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| Initial levels: | $603.53 for Costco, $159.63 for Walmart
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| Interest barriers: | $422.471 for Costco, $111.741 for Walmart; 70% of initial levels
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| Trigger values: | $362.118 for Costco, $95.778 for Walmart; 60% of initial levels
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| Strike date: | April 20
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| Pricing date: | April 21
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| Settlement date: | April 26
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.4%
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| Cusip: | 48133FSG1
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