Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $250,000 21% callable contingent interest notes on three stocks
Chicago, Feb. 13 – JPMorgan Chase Financial Co. LLC priced $250,000 of callable contingent interest notes due June 4, 2026 linked to the least performing of the common stocks of Bank of America Corp., Caterpillar Inc. and General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 21%, paid monthly, if each underlying stock closes at or above its 60% coupon barrier on the related monthly observation date.
The securities may be called at par starting Sept. 7, 2023 and on any subsequent monthly review date.
If the worst performing stock gains or ends above its 70% downside threshold the payout at maturity will be par plus the coupon. Investors will lose 1% for every 1% that the worst performing stock declines if it finishes below its downside threshold 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: | Callable contingent interest notes
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| Underlying stocks: | Bank of America Corp., Caterpillar Inc. and General Motors Co.
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| Amount: | $250,000
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| Maturity: | June 4, 2026
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| Coupon: | 21% annual rate, paid monthly, if each underlying stock closes at or above its 60% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing stock declines if it finishes below its downside threshold level
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| Call: | At par starting Sept. 7, 2023 and on any subsequent monthly review date
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| Initial levels: | $27.78 for BofA, $209.07 for Caterpillar, $33.02 for GM
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| Coupon barriers: | $16.668 for BofA, $125.442 for Caterpillar, $19.812 for GM, 60% of initial levels
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| Downside thresholds: | $19.446 for BofA, $146.349 for Caterpillar, $23.114 for GM, 70% of initial levels
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| Pricing date: | June 1, 2023
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| Settlement date: | June 6, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.75%
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| Cusip: | 48133XCJ3
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