Published on 4/19/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $33.25 million trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, April 19 – JPMorgan Chase Financial Co. LLC priced $33.25 million of trigger callable contingent yield notes with daily coupon observation due Jan. 21, 2027 linked to the performance of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a quarterly contingent coupon at an annual rate of 10.28% if each index’s closing level is at least 70% of its initial level on every trading day during the observation period.
The notes will be callable at par on any quarterly observation date.
If the notes are not called and each index finishes at or above its coupon barrier, the payout at maturity will be par plus any final coupon otherwise due.
If the worst performer finishes below its coupon barrier but at or above its 60% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Trigger callable contingent yield notes with daily coupon observation
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index, S&P 500 index
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| Amount: | $33,249,250
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| Maturity: | Jan. 21, 2027
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| Coupon: | 10.28% per year, payable quarterly if each index closes at or above its coupon barrier on every trading day during the observation period
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| Price: | Par of $10
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| Payout at maturity: | Par plus any final coupon otherwise due if each index finishes at or above its coupon barrier level; if the worst performer finishes below its coupon barrier but at or above its trigger level, the payout will be par; otherwise, investors will be fully exposed to the losses of the worst performing index
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| Call option: | At par on any quarterly observation date
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| Initial levels: | 4,984.48 for Stoxx, 1,975.708 for Russell, 5,061.82 for S&P
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| Coupon barrier levels: | 3,489.14 for Stoxx, 1,382.996for Russell, 3,543.27 for S&P; 70% of initial levels
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| Trigger levels: | 2,990.69, for Stoxx, 1,185.425 for Russell, 3,037.09 for S&P; 60% of initial levels
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| Pricing date: | April 15
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| Settlement date: | April 18
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48131F511
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