Published on 6/29/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.49 million uncapped buffered notes on commodity futures basket
By Kiku Steinfeld
Chicago, Jan. 29 – JPMorgan Chase Financial Co. LLC priced $1.49 million of 0% uncapped buffered notes due Aug. 8, 2025 linked to the performance of an equally weighted basket of commodity futures, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The basket consists of WTI crude oil futures contract, Brent crude oil futures contracts, natural gas futures contract, corn futures contract, soybeans futures contract, wheat futures contract, copper and aluminum.
The payout at maturity will be par plus any basket gain. If the basket declines but not below 70% of its initial level, the payout will be par. Otherwise, investors will be exposed to the decline of the basket beyond its 30% buffer.
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: | Uncapped buffered notes
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| Underlying basket: | WTI crude oil futures contract, Brent crude oil futures contracts, natural gas futures contract, corn futures contract, soybeans futures contract, wheat futures contract, copper, aluminum; equal weights
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| Amount: | $1,491,000
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| Maturity: | Aug. 8, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus any basket return; if basket declines but not below buffer level, par; otherwise, exposure to decline of basket beyond buffer
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| Initial price: | $73.20 for WTI, $79.71 for Brent, $2.402 for natural gas, $6.77 for corn, $15.32 for soybeans, $7.57 for wheat, $9,039.25 for copper, $2,587.01 for aluminum
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| Buffer level: | 70% of initial prices
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| Pricing date: | Feb. 3, 2023
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| Settlement date: | Feb. 8, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.9049%
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| Cusip: | 48133U2Q4
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