Published on 2/5/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $325,000 autocallable contingent interest notes on three stocks
Chicago, Feb. 5 – JPMorgan Chase Financial Co. LLC sold $325,000 of autocallable contingent interest notes due May 15, 2026 linked to the performance of the stocks of Caterpillar Inc., General Motors Co. and Microsoft Corp., 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 19.9% if each stock closes at or above its interest barrier level, 60% 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 60% trigger value, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the worst performing stock from the 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: | Caterpillar Inc., General Motors Co. and Microsoft Corp.
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| Amount: | $325,000
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| Maturity: | May 15, 2026
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| Coupon: | 19.9% annualized, payable monthly if each underlying stock closes at or above interest barrier level on relevant observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger value, par plus final coupon; otherwise, lose 1% for each 1% decline of the 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: | $209.54 for Caterpillar, $32.40 for GM, $308.97 for Microsoft
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| Interest barriers: | $125.724 for Caterpillar, $19.44 for GM, $185.382 for Microsoft; 60% of initial levels
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| Trigger values: | $125.724 for Caterpillar, $19.44 for GM, $185.382 for Microsoft; 60% of initial levels
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| Pricing date: | May 12, 2023
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| Settlement date: | May 17, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 48133WZR2
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