Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $993,000 contingent interest autocalls on three stocks
By Kiku Steinfeld
Chicago, June 16 – JPMorgan Chase Financial Co. LLC priced $993,000 of autocallable contingent interest notes due May 23, 2024 linked to the least performing of the shares of General Motors Co., Charles Schwab Corp. and salesforce.com, inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if each stock closes at or above its 70% coupon barrier on the review date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly autocall review date after six months.
The payout at maturity will be par unless any stock finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying assets: | General Motors Co., Charles Schwab Corp. and salesforce.com, inc.
|
| Amount: | $993,000
|
| Maturity: | May 23, 2024
|
| Coupon: | 11% annualized, payable monthly if each stock closes at or above 70% coupon barrier on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock closes below 60% trigger, in which case 1% loss for each 1% decline of worst performing stock
|
| Call: | At par if each stock closes at or above initial level on quarterly autocall review date after six months
|
| Initial levels: | $55.53 for GM, $71.21 for Schwab, $221.34 for salesforce
|
| Coupon barriers: | $38.871 for GM, $49.847 for Schwab, $154.938 for salesforce; 70% of initial levels
|
| Triggers: | $33.318 for GM, $42.726 for Schwab, $132.804 for salesforce; 60% of initial levels
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.25%
|
| Cusip: | 48132TQ25
|
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