Published on 1/24/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $400,000 24.5% autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Jan. 24 – JPMorgan Chase Financial Co. LLC priced $400,000 of autocallable yield notes due June 5, 2026 linked to the stocks of International Business Machines Corp., Snowflake Inc. and Upstart Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting Dec. 4, 2023 at par if the price of each underlying stock is greater than or equal to its initial price on a quarterly review date.
Investors will receive a coupon of 24.5%, paid monthly.
If the worst performing stock ends above its 50% downside threshold the payout at maturity will be par plus the coupon. Otherwise investors will lose 1% for every 1% that the worst performing stock declines.
The notes are guaranteed by JPMorgan Chase & Co.
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 yield notes
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| Underlying stocks: | International Business Machines Corp., Snowflake Inc. and Upstart Holdings, Inc.
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| Amount: | $400,000
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| Maturity: | June 5, 2026
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| Coupon: | 24.5%, paid monthly
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above its downside threshold level par; otherwise 1% loss for every 1% that worst performing stock declines
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| Call: | Automatically starting Dec. 4, 2023 at par if the price of each underlying stock is greater than or equal to its initial price on a quarterly review date
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| Initial levels: | $132.42 for IBM, $175.21 for Snowflake Inc., $29.57 for Upstart Holdings, Inc.
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| Downside thresholds: | $66.21 for IBM, $87.605 for Snowflake Inc., $14.785 for Upstart Holdings, Inc., 50% of initial level
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| Pricing date: | June 5, 2023
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| Settlement date: | June 8, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48133XNM4
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