Published on 6/5/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $3.09 million autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., June 5 – JPMorgan Chase Financial Co. LLC sold $3.09 million of autocallable contingent interest notes due March 5, 2024 linked to the performance of the stocks of Exxon Mobil Corp., Microsoft Corp. and Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent monthly coupon at an annual rate of 16.44996%, or 12.3375% over the term, if each stock closes at or above its interest barrier level, 70% of its initial level, on the corresponding review date.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any monthly call date after three months.
If the notes are not called and each stock finishes at or above its 70% trigger value, the payout will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock 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 stocks: | Exxon Mobil Corp., Microsoft Corp., Pfizer Inc.
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| Amount: | $3,088,000
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| Maturity: | March 5, 2024
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| Coupon: | 16.44996%, or 12.3375% for the term, if each stock closes at or above its interest barrier level, 70% of its initial level, on the corresponding review date
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger value, par plus final coupon; otherwise, full exposure to decline of worst performer from initial level
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| Call option: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly call date after three months
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| Initial levels: | $104.04 for Exxon Mobil, $331.21 for Microsoft, $37.01 for Pfizer
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| Interest barriers: | $72.828 for Exxon Mobil, $231.847 for Microsoft, $25.907 for Pfizer; 70% of initial levels
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| Trigger values: | $72.828 for Exxon Mobil, $231.847 for Microsoft, $25.907 for Pfizer; 70% of initial levels
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| Pricing date: | May 30
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| Settlement date: | June 2
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.4%
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| Cusip: | 48133XAN6
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