Published on 7/30/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $355,000 contingent interest autocallables on food, beverage stocks
By Marisa Wong
Los Angeles, July 30 – JPMorgan Chase Financial Co. LLC priced $355,000 of autocallable contingent interest notes due Aug. 2, 2023 linked to the least performing of the class A common stock of Constellation Brands, Inc., class A common stock of Tyson Foods, Inc. and common stock of Kraft Heinz Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent monthly coupon at an annual rate of 10.5% if the least performing stock closes at or above its 50% coupon barrier on the related monthly review date.
The notes will be called at par plus the contingent coupon if the least performing stock closes at or above its initial value on any quarterly review date after six months.
If the notes have not been called and the least performing stock finishes at or above its 50% trigger level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to any losses of the least performing stock.
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 stocks: | Constellation Brands, Inc. (Symbol: STZ), Tyson Foods, Inc. (Symbol: TSN) and Kraft Heinz Co. (Symbol; KHC)
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| Amount: | $355,000
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| Maturity: | Aug. 2, 2023
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| Coupon: | 10.5% annualized, payable each month that least performing stock closes at or above coupon barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par plus the coupon unless the least performing stock finishes below trigger value, in which case full exposure to any losses of least performing stock
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| Call: | After six months, at par plus the contingent coupon if the least performing stock closes at or above its initial value on any quarterly review date prior to maturity
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| Initial values: | $179.52 for Constellation, $60.74 for Tyson, $35.25 for Kraft Heinz
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| Coupon barriers: | $89.76 for Constellation, $30.37 for Tyson, $17.625 for Kraft Heinz; 50% of initial values
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| Trigger values: | $89.76 for Constellation, $30.37 for Tyson, $17.625 for Kraft Heinz; 50% of initial values
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| Pricing date: | July 28
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| Settlement date: | July 31
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.25%
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| Cusip: | 48132MVD0
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