Published on 4/28/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.21 million contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., April 28 – JPMorgan Chase Financial Co. LLC priced $1.21 million of autocallable contingent interest notes due Jan. 28, 2021 tied to the least performing of the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10% per year if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the final review date.
If the notes have not been called, the payout at maturity will be par plus any coupon due unless any index finishes below its 70% trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
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 contingent interest notes
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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| Amount: | $1,207,000
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| Maturity: | Jan. 28, 2021
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| Coupon: | 10% per year, payable quarterly if each index closes at or above interest barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any index finishes below its trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
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| Call: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than final review date
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| Initial levels: | 23,515.26 for Dow, 8,641.497 for Nasdaq and 2,797.80 for S&P
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| Interest barriers: | 16,460.682 for Dow, 6,049.0479 for Nasdaq and 1,958.46 for S&P; 70% of initial levels
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| Trigger levels: | 16,460.682 for Dow, 6,049.0479 for Nasdaq and 1,958.46 for S&P; 70% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 28
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.46810%
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| Cusip: | 48132KWB7
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