Published on 6/26/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $954,000 contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., June 26 – JPMorgan Chase Financial Co. LLC priced $954,000 of autocallable contingent interest notes due Dec. 23, 2021 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 9.2% 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 final one.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its 70% trigger level, 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: | $954,000
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Maturity: | Dec. 23, 2021
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Coupon: | 9.2% 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 trigger level, 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 final one
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Initial levels: | 25,871.46 for Dow, 3,097.74 for S&P and 1,418.634 for Russell
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Interest barriers: | 8,110.022 for Dow, 2,168.418 for S&P and 993.0438 for Russell; 70% of initial levels
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Trigger levels: | 8,110.022 for Dow, 2,168.418 for S&P and 993.0438 for Russell; 70% of initial levels
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Pricing date: | June 19
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Settlement date: | June 24
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.275%
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Cusip: | 48132MJM4
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