Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.38 million autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., April 25 – JPMorgan Chase Financial Co. LLC sold $1.38 million of autocallable contingent interest notes due April 14, 2026 linked to the performance of the stocks of Walt Disney Co., Amazon.com, Inc. and Shopify 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 quarterly coupon at an annual rate of 18.1% if each stock closes at or above its interest barrier level, 50% 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.
If the notes are not called and each stock finishes at or above its 50% trigger value, the payout at maturity will be par plus the final coupon.
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: | Walt Disney Co., Amazon.com, Inc., Shopify Inc.
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| Amount: | $1,379,000
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| Maturity: | April 14, 2026
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| Coupon: | 18.1% annualized, payable quarterly if each underlying stock closes at or above interest barrier level on relevant observation date
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger value, par plus final coupon; otherwise, full exposure to decline of worst performer 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: | $117.97 for Disney, $185.67 for Amazon, $74.92 for Shopify
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| Interest barriers: | $58.985 for Disney, $92.835 for Amazon, $37.46 for Shopify; 50% of initial levels
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| Trigger values: | $58.985 for Disney, $92.835 for Amazon, $37.46 for Shopify; 50% of initial levels
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| Strike date: | April 9
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| Pricing date: | April 12
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| Settlement date: | April 17
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.2%
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| Cusip: | 48134XYV1
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