Published on 4/29/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $600,000 contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., April 29 – JPMorgan Chase Financial Co. LLC priced $600,000 of autocallable contingent interest notes due April 28, 2022 tied to the least performing of the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 13.1% per year if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than the first and final review dates.
If the notes have not been called, the payout at maturity will be par plus any coupon due unless any index finishes below its 70% trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial 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: | Autocallable contingent interest notes
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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| Amount: | $600,000
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| Maturity: | April 28, 2022
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| Coupon: | 13.1% per year, payable quarterly if each index closes at or above interest barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any index finishes below its trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
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| Call: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date other than first and final review dates
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| Initial levels: | 23,775.27 for Dow, 8,786.604 for Nasdaq and 2,836.74 for S&P
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| Interest barriers: | 16,642.689 for Dow, 6,150.6228 for Nasdaq and 1,985.718 for S&P; 70% of initial levels
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| Trigger levels: | 16,642.689 for Dow, 6,150.6228 for Nasdaq and 1,985.718 for S&P; 70% of initial levels
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| Pricing date: | April 24
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| Settlement date: | April 29
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.4%
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| Cusip: | 48132KXQ3
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