Published on 4/17/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $292,000 contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., April 17 – JPMorgan Chase Financial Co. LLC priced $292,000 of autocallable contingent interest notes due April 14, 2023 tied to the least performing of the Russell 2000 index, the Euro Stoxx 50 index and the S&P 500 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 8.5% 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 plus any coupon due unless any index finishes below the 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: | Russell 2000 index, Euro Stoxx 50 index and S&P 500 index
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Amount: | $292,000
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Maturity: | April 14, 2023
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Coupon: | 8.5% 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 plus any coupon due unless any index finishes below the 70% 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: | 1,246.726 for Russell, 2,789.82 for S&P, 2,892.79 for Stoxx
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Interest barriers: | 872.7082 for Russell, 1,952.874 for S&P, 2,024.953 for Stoxx; 70% of initial levels
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Trigger levels: | 872.7082 for Russell, 1,952.874 for S&P, 2,024.953 for Stoxx; 70% of initial levels
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Pricing date: | April 9
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Settlement date: | April 14
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3%
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Cusip: | 48132KPS8
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