Published on 8/17/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $435,000 10.6% autocallable yield notes on bank stocks
Chicago, Aug. 17 – JPMorgan Chase Financial Co. LLC priced $435,000 of autocallable yield notes due July 25, 2024 linked to the least performing of the common stocks of Bank of America Corp., Citigroup Inc. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.6%, paid quarterly.
The securities will be called automatically starting Oct. 21, 2022 at par and on any subsequent quarterly review date if all three stocks close above their initial levels.
If the worst performing stock ends above its 65% downside threshold the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines.
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 yield notes
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| Underlying stocks: | Bank of America Corp., Citigroup Inc. and Morgan Stanley
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| Amount: | $435,000
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| Maturity: | July 25, 2024
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| Coupon: | 10.6% annual rate, paid quarterly
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above its downside threshold level par; otherwise, 1% loss for every 1% that worst performing stock declines
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| Call: | Automatically starting Oct. 21, 2022 at par and on any subsequent quarterly review date if all three stocks close above initial levels
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| Initial levels: | $33.65 for BofA, $52.59 for Citigroup, $83.02 for Morgan Stanley
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| Downside thresholds: | $21.8725 for BofA, $34.1835 for Citigroup, $53.963 for Morgan Stanley, 65% of initial levels
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| Pricing date: | July 22, 2022
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| Settlement date: | July 27, 2022
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 48133L3U4
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