Published on 4/2/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $9.82 million buffer autocallable gears tied to weighted index basket
By Wendy Van Sickle
Columbus, Ohio, April 2 – JPMorgan Chase Financial Co. LLC priced $9.82 million of 0% buffer gears due March 31, 2027 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The basket is composed of the Euro Stoxx 50 index with a 40% weight, the Nikkei 225 index with a 25% weight, the FTSE 100 index with a 17.5% weight, the Swiss Market index with a 10% weight and the S&P/ASX 200 index with a 7.5% weight.
The notes will be called automatically at par plus 12% if the basket closes at or above its initial level on April 2, 2025.
If the basket return is greater than zero, the payout at maturity will be par of $10 plus 1.95 times the basket return.
Investors will receive par if the basket declines by 10% or less and will lose 1% for every 1% that the basket declines beyond 10%.
J.P. Morgan Securities LLC is the underwriter with UBS Financial Services Inc. as selling agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Buffer autocallable gears
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Underlying basket: | Euro Stoxx 50 index (40% weight), Nikkei 225 index (25% weight), FTSE 100 index (17.5% weight), Swiss Market index (10% weight), S&P/ASX 200 index (7.5% weight)
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Amount: | $9,817,900
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Maturity: | March 31, 2027
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If basket return is greater than zero, par plus 1.95 times basket return; par if basket declines by 10% or less; 1% loss for every 1% that basket declines beyond 10%
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Call: | Automatically at par plus 12% if basket closes at or above initial level on April 2, 2025
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Initial levels: | 5,064.18 for Stoxx, 40,398.03 for Nikkei, 7,930.96 for FTSE, 11,680.36 for Swiss Market, 7,780.232 for S&P/ASX 200
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Buffer level: | 90% of initial level
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Pricing date: | March 26
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Settlement date: | April 2
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Underwriter: | J.P. Morgan Securities LLC with UBS Financial Services Inc. as selling agent
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Fees: | 2.5%
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Cusip: | 48131F602
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