Published on 4/7/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $90,000 capped buffered return enhanced notes on stock basket
By Kiku Steinfeld
Chicago, April 10 – JPMorgan Chase Financial Co. LLC priced $90,000 of 0% capped buffered return enhanced notes due June 6, 2024 linked to an equally-weighted basket consisting of twelve reference stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Dick’s Sporting Goods, Inc., Costco Wholesale Corp., Home Depot, Inc., Lowe’s Cos., Inc., Dollar General Corp., Kohl’s Corp., Macy’s, Inc., Amazon.com, Inc., Target Corp., Walmart Inc., Nordstrom, Inc. and Best Buy Co., Inc.
The payout at maturity will be par plus 1.5 times any basket gain, capped at par plus 27.25%.
Investors will receive par if the basket falls by up to 15% and will lose 1% for each 1% decline beyond the buffer.
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: | Capped buffered return enhanced notes
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| Underlying stocks: | Dick’s Sporting Goods, Inc., Costco Wholesale Corp., Home Depot, Inc., Lowe’s Cos., Inc., Dollar General Corp., Kohl’s Corp., Macy’s, Inc., Amazon.com, Inc., Target Corp., Walmart Inc., Nordstrom, Inc. and Best Buy Co., Inc.; equally weighted
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| Amount: | $90,000
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| Maturity: | June 6, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 1.5 times any basket gain, capped at par plus 27.25%; if basket falls by up to buffer, par; otherwise, 1% loss for each 1% decline beyond buffer
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| Initial stock levels: | $113.56 for Dick’s, $463.91 for Costco, $327.60 for Home, for $208.02 for Lowe’s, $246.88 for Dollar, $26.62 for Kohl’s, $21 for Macy’s, $88.45 for Amazon, $147.60 for Target, $145.36 for Walmart, $16.78 for Nordstrom, $80.78 for Best Buy
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| Buffer level: | 85% of initial basket level
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.85%
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| Cusip: | 48133PW74
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