Published on 6/8/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.96 million notes on dollar vs. currency basket
By William Gullotti
Buffalo, N.Y., June 8 – JPMorgan Chase Financial Co. LLC priced $2.96 million of 0% notes due May 30, 2025 linked to the performance of the U.S. dollar relative to a weighted basket of currencies, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The basket consists of the euro with a 57.6% weight, the Japanese yen with a 13.6% weight, the British pound sterling with an 11.9% weight, the Canadian dollar with a 9.1% weight, the Swedish krona with a 4.2% weight and the Swiss franc with a 3.6% weight. The spot rate is expressed as a number of dollars per euro or pound and as a number of yen, Canadian dollars, krona or francs per dollar.
The payout at maturity will be par plus the additional amount, which is equal to 1.62 times the basket return, subject to a minimum payout of par and a maximum payout of par plus 162%.
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: | Notes
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| Underlying basket: | Euro (57.6% weight), Japanese yen (13.6% weight), British pound sterling (11.9% weight), Canadian dollar (9.1% weight), Swedish krona (4.2% weight), Swiss franc (3.6% weight); relative to dollar
|
| Amount: | $2.96 million
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| Maturity: | May 30, 2025
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par plus the additional amount, which is equal to 1.62 times the basket return, subject to a minimum payout of par and a maximum payout of par plus 162%
|
| Initial spot rates: | 1.07135 dollars per euro, 1.23345 dollars per pound, 139.67 yen per dollar, 1.36305 Canadian dollars per dollar, 10.8186 krona per dollar, 0.90645 francs per dollar
|
| Pricing date: | May 25
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| Settlement date: | May 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
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| Cusip: | 48133U7H9
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