Published on 5/14/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.06 million contingent interest autocallables on indexes
By Sarah Lizee
Olympia, Wash., May 14 – JPMorgan Chase Financial Co. LLC priced $1.06 million of autocallable contingent interest notes due Aug. 13, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at the rate of 11.1% per year if each index closes at or above its coupon barrier, 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 monthly review date other than the final date.
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 70% of its initial 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 declines from its initial level.
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, Russell 2000 index and Euro Stoxx 50 index
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Amount: | $1.06 million
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Maturity: | Aug. 13, 2020
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Coupon: | 11.1% per year, payable quarterly if each index closes at or above coupon barrier 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 70% of its initial 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 declines from 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 monthly review date other than the final date
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Initial index levels: | 2,881.40 for S&P, 1,572.993 for Russell and 3,361.05 for Stoxx
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Coupon barriers: | 2,016.98 for S&P, 1,101.0951 for Russell and 2,352.735 for Stoxx; 70% of initial levels
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Trigger levels: | 2,016.98 for S&P, 1,101.0951 for Russell and 2,352.735 for Stoxx; 70% of initial levels
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Pricing date: | May 10
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Settlement date: | May 15
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.4%
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Cusip: | 48132CMD2
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