Published on 8/2/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $500,000 autocallable contingent interest notes on three tech stocks
By William Gullotti
Buffalo, N.Y., Aug. 2 – JPMorgan Chase Financial Co. LLC sold $500,000 of autocallable contingent interest notes due July 3, 2025 linked to the performance of the stocks of Alphabet Inc., Amazon.com, Inc. and Apple 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 monthly coupon at an annual rate of 13% if each stock closes at or above its interest barrier level, 60% of its initial level, on the corresponding review date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
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.
If the notes are not called and each stock finishes at or above its 60% trigger value, the payout will be par plus all unpaid coupons. 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: | Alphabet Inc., Amazon.com, Inc., Apple Inc.
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| Amount: | $500,000
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| Maturity: | July 3, 2025
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| Coupon: | 13% annualized, payable monthly if each underlying stock closes at or above interest barrier level on relevant observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger value, par plus all unpaid coupons; 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
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| Initial levels: | $2,234.03 for Alphabet, $108.92 for Amazon, $139.23 for Apple
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| Interest barriers: | $1,340.418 for Alphabet, $65.352 for Amazon, $83.538 for Apple; 60% of initial levels
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| Trigger values: | $1,340.418 for Alphabet, $65.352 for Amazon, $83.538 for Apple; 60% of initial levels
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| Strike date: | June 29
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| Pricing date: | June 30
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| Settlement date: | July 5
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 48133LEX6
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