Published on 5/3/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $340,000 contingent interest autocalls on pharma stocks
By Kiku Steinfeld
Chicago, May 3 – JPMorgan Chase Financial Co. LLC priced $340,000 of autocallable contingent interest notes due Oct. 3, 2022 linked to the least performing of the common stocks of Johnson & Johnson, Moderna, Inc. and Pfizer 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 14.1% if each stock closes at or above its interest barrier level, 60% of its initial level, on the review date for that quarter. Coupon Payments will include any previously unpaid coupons for prior periods.
The notes will be called at par if each stock closes at or above its initial level on any quarterly review date.
The payout at maturity will be par unless any stock finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worse 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: | Johnson & Johnson, Moderna, Inc. and Pfizer Inc.
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| Amount: | $340,000
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| Maturity: | Oct. 3, 2022
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| Coupon: | 14.1% annualized, payable quarterly any previously unpaid coupons if each underlying stock closes at or above barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of worse performing stock from initial level
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| Call: | At par if each stock closes at or above initial level on any quarterly review date
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| Initial levels: | $43.04 for Pfizer, $384.21 for Moderna, $162.81 for J&J
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| Interest/barrier levels: | $25.824 for Pfizer, $230.526 for Moderna, $97.686 for J&J; 60% of initial levels
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| Pricing date: | Sept. 29, 2021
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| Settlement date: | Oct. 4, 2021
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48132W5M7
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