Published on 5/23/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $905,000 callable contingent interest notes tied to two indexes, one ETF
By Wendy Van Sickle
Columbus, Ohio, May 23 – JPMorgan Chase Financial Co. LLC priced $905,000 of callable contingent interest notes due May 23, 2024 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production ETF, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each asset closes at or above its 60% interest barrier on the review date for that quarter.
The notes will be callable at par plus any contingent coupon due on any review date other than the first, second, third and final dates.
The payout at maturity will be par unless any asset finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worst performing asset.
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: | Callable contingent interest notes
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| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF, Russell 2000 index and S&P 500 index
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| Amount: | $905,000
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| Maturity: | May 23, 2024
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| Coupon: | 9% annualized, payable quarterly if each asset closes at or above 60% interest barrier on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes 60% trigger, in which case 1% loss for each 1% decline of worst performing asset
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| Call: | Callable at par plus any contingent coupon due on any review date other than first, second, third and final dates
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| Initial levels: | $29.24 for ETF, 1,524.963 for Russell and 2,840.23 for S&P
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| Interest barriers: | $17.544 for ETF, 914.9778 for Russell and 1,704.138 for S&P, 60% of initial levels
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| Trigger levels: | $17.544 for ETF, 914.9778 for Russell and 1,704.138 for S&P, 60% of initial levels
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| Pricing date: | May 20
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| Settlement date: | May 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 4.125%
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| Cusip: | 48132CMY6
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