Published on 10/3/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.95 million contingent interest autocalls on three stocks
By Kiku Steinfeld
Chicago, Oct. 5 – JPMorgan Chase Financial Co. LLC priced $1.95 million of autocallable contingent interest notes due Sept. 28, 2023 linked to the least performing of the common stocks of Netflix, Inc., Deere & Co. and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each month, the notes will pay a contingent coupon at the rate of 10.25% per year if each stock closes at or above its interest barrier, 60% of its initial share price, on the review date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly review date after six months.
If the notes have not been called, the payout at maturity will be par unless any stock finishes below its trigger level, 60% of its initial level, in which case investors will lose 1% for every 1% that the least-performing stock finishes below its initial share price.
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: | Netflix, Inc., Deere & Co. and Home Depot, Inc.
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| Amount: | $1,950,000
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| Maturity: | Sept. 28, 2023
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| Coupon: | 10.25% per year, payable monthly if each stock closes at or above interest barrier value on review date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock finishes at or above trigger value; otherwise, exposure to decline of least-performing stock from initial share price
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial price on any quarterly review date after six months
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| Initial share prices: | $482.88 for Netflix, $219.25 for Deere, $268.55 for Home Depot
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| Coupon barriers: | $289.728 for Netflix, $131.55 for Deere, $161.13 Home Depot; 60% of initial share prices
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| Trigger levels: | $289.728 for Netflix, $131.55 for Deere, $161.13 Home Depot; 60% of initial share prices
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.25%
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| Cusip: | 48132PCV4
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