By Jennifer Chiou
New York, Jan. 23 - JPMorgan Chase & Co. priced $3 million of contingent income securities due Jan. 22, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, investors will receive a contingent quarterly payment of 1.15%, or 4.6% per year, if the index closes at or above the downside threshold level, 50% of the initial index level, on the determination date for that quarter.
If the final index level is greater than or equal to the downside threshold level, the payout at maturity will be par of $10. Otherwise, investors will be fully exposed to the decline of the index from its initial level.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income securities
|
| Underlying index: | S&P 500
|
| Amount: | $3 million
|
| Maturity: | Jan. 22, 2024
|
| Coupon: | 4.6% annualized if index closes at or above downside threshold level on observation date for that quarter; interest is payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If index finishes at or above downside threshold level, par; if final level is also greater than or equal to coupon barrier level, par plus contingent quarterly coupon; otherwise, full exposure to losses
|
| Initial index level: | 1,838.70
|
| Downside threshold level: | 919.35, 50% of initial level
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 3.5%
|
| Cusip: | 48127A260
|
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