Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.24 million contingent interest autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 31 – JPMorgan Chase Financial Co. LLC priced $1.24 million of autocallable contingent interest notes due March 24, 2022 tied to the least performing of the Dow Jones industrial average, the Euro Stoxx 50 index 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 6.81% 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 review date other than the first and final review dates.
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: | Dow Jones industrial average, Euro Stoxx 50 index and Russell 2000 index
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Amount: | $1,242,000
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Maturity: | March 24, 2022
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Coupon: | 6.81% 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 contingent coupon if each index closes at or above initial level on any quarterly review date other than first and final review dates
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Initial levels: | 19,173.98 for Dow, 2,548.5 for Stoxx and 1,013.889 for Russell
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Interest barriers: | 13,421.786 for Dow, 1,783.95 for Stoxx and 709.7223 for Russell; 70% of initial levels
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Triggers: | 13,421.786 for Dow, 1,783.95 for Stoxx and 709.7223 for Russell; 70% of initial levels
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Pricing date: | March 20
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Settlement date: | March 25
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.65%
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Cusip: | 48132KCY9
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