Published on 6/12/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.22 million contingent interest autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, June 12 – JPMorgan Chase Financial Co. LLC priced $1.22 million of autocallable contingent interest notes due June 15, 2021 tied to the least performing of the Euro Stoxx 50 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12% per year if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly autocall review date other than the first and final ones.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its initial level and any index has ever closed below its 70% trigger level on any day during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
The notes are guaranteed by JPMorgan Chase & Co.
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 indexes: | Euro Stoxx 50 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $1,222,000
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| Maturity: | June 15, 2021
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| Coupon: | 12% per year, payable quarterly if each index closes at or above interest barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its initial level and any index has ever closed below its trigger level on any day during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
|
| Call: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any quarterly autocall review date other than the first and final ones
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| Initial levels: | 26,989.99 for Dow, 1,467.39 for Russell and 3,293.71 for Nasdaq
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| Interest barriers: | 18,892.993 for Dow, 1,027.173 for Russell and 2,305.597 for Stoxx; 70% of initial levels
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| Trigger levels: | 18,892.993 for Dow, 1,027.173 for Russell and 2,305.597 for Stoxx; 70% of initial levels
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| Pricing date: | June 10
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| Settlement date: | June 15
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.725%
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| Cusip: | 48132MGA3
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