Published on 12/31/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $3.05 million of autocallable contingent interest notes linked to indexes
By Devika Patel
Knoxville, Tenn., Dec. 31 – JPMorgan Chase Financial Co. LLC sold $3.05 million of autocallable contingent interest notes due June 24, 2021 linked to the lesser performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, 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 7.3% if each index closes at or above its coupon barrier level, 70% of its initial level, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date from March 20, 2020 to March 22, 2021.
The payout at maturity will be par plus the final coupon unless any index closes below its 70% trigger level during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
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| Underlying indexes: | Nasdaq-100, Russell 2000, S&P 500
|
| Amount: | $3,045,000
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| Maturity: | June 24, 2021
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| Coupon: | 7.3% annualized, payable quarterly if each underlying index closes at or above coupon barrier level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any index closes below trigger level during life of notes and finishes below initial level, in which case 1% loss for each 1% decline of worse performing index from initial level
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly review date from March 20, 2020 to March 22, 2021
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| Initial levels: | 8,678.491 for Nasdaq, 1,671.902 for Russell and 3,221.22 for the S&P
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| Coupon/trigger levels: | 6,074.9437 for Nasdaq, 1,170.3314 for Russell and 2,254.854 for the S&P; 70% of initial levels
|
| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.2%
|
| Cusip: | 48132HFL1
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