Published on 6/16/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $994,000 contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., June 16 – JPMorgan Chase Financial Co. LLC priced $994,000 of autocallable contingent interest notes due June 16, 2022 tied to the least performing of the S&P 500 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 9.8% 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: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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Amount: | $994,000
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Maturity: | June 16, 2022
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Coupon: | 9.8% per year, payable quarterly if each index closes at or above interest barrier level on review date for that quarterly
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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
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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: | 25,128.17 for Dow, 1,356.224 for Russell and 3,002.10 for S&P
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Interest barriers: | 17,589.719 for Dow, 949.3568 for Russell and 2,101.47 for S&P; 70% of initial levels
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Trigger levels: | 17,589.719 for Dow, 949.3568 for Russell and 2,101.47 for S&P; 70% of initial levels
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Pricing date: | June 11
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Settlement date: | June 16
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.15%
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Cusip: | 48132MBE0
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