Published on 4/15/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.7 million 20.25% autocallable contingent interest notes on three stocks
By Kiku Steinfeld
Chicago, April 15 – JPMorgan Chase Financial Co. LLC priced $1.7 million of autocallable contingent interest notes due July 17, 2026 linked to the common stocks of Bank of America Corp., Wells Fargo & Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 20.25%, paid monthly, if each underlying stock closes at or above its 60% trigger level on the related monthly observation date.
The securities will be called automatically starting Jan. 16, 2024 at par if the price of each underlying stock is greater than or equal to its initial price on a monthly review date.
At maturity the payout will be par unless the worst performing stock closes below its 60% trigger level in which case investors will be fully exposed to the decline of the worst performing stock.
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 contingent interest notes
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| Underlying stocks: | Bank of America Corp., Wells Fargo & Co. and Tesla, Inc.
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| Amount: | $1,698,000
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| Maturity: | July 17, 2026
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| Coupon: | 20.25%, paid monthly, if each underlying stock closes at or above its 60% trigger level on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing stock closes below its trigger level in which case investors will be fully exposed to the decline in the worst performing stock
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| Call: | Automatically starting Jan. 16, 2024 at par if the price of each underlying stock is greater than or equal to its initial price on a monthly review date
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| Initial levels: | $29.11 for BofA, $281.38 for Tesla, $43.56 for Wells
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| Trigger levels: | $17.466 for BofA, $168.828 for Tesla, $26.136 for Wells, 60% of initial level
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.8%
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| Cusip: | 48133YBU7
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