Published on 8/23/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $630,000 autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., Aug. 23 – JPMorgan Chase Financial Co. LLC sold $630,000 of autocallable contingent interest notes due June 27, 2023 linked to the performance of the stocks of Vertex Pharmaceuticals Inc., PayPal Holdings, Inc. and Alibaba Group Holding Ltd., 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 quarterly coupon at an annual rate of 10.25% if each stock closes at or above its interest barrier level, 60% of its initial level, on the relevant review date.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly review date other than the first, second, third and final review dates.
The payout at maturity will be par plus the final coupon, unless any stock finishes below the 60% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
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: | Vertex Pharmaceuticals Inc., PayPal Holdings, Inc., Alibaba Group Holding Ltd.
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| Amount: | $630,000
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| Maturity: | June 27, 2023
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| Coupon: | 10.25% annualized, payable quarterly if each underlying stock closes at or above interest barrier level the corresponding review date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of worst performing stock from initial level
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| Call option: | Automatically at par plus coupon if each stock closes at or above initial share price on any quarterly review date other than first, second, third and final review dates
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| Initial levels: | $286.75 for PayPal, $188.87 for Vertex, $211.32 for Alibaba
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| Interest barriers: | $172.05 for PayPal, $113.322 for Vertex, $126.792 for Alibaba; 60% of initial levels
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| Trigger values: | $172.05 for PayPal, $113.322 for Vertex, $126.792 for Alibaba; 60% of initial levels
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| Strike date: | June 22
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.9%
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| Cusip: | 48132USW4
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