Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $481,000 contingent interest autocallables linked to biotech ETF, indexes
By Angela McDaniels
Tacoma, Wash., July 24 – JPMorgan Chase Financial Co. LLC priced $481,000 of autocallable contingent interest notes due Sept. 12, 2025 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 13.1% per year if each asset closes at or above its interest barrier, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each asset closes at or above its initial level on any monthly review date other than the first through fifth and final review dates.
If the notes have not been called, the payout at maturity will be par unless any asset finishes below its trigger value, 60% of its initial level, in which case investors will lose 1% for every 1% that the least-performing asset finishes below its initial level.
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 assets: | Russell 2000 index, Nasdaq-100 index and SPDR S&P Biotech ETF
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| Amount: | $481,000
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| Maturity: | Sept. 12, 2025
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| Coupon: | 13.1% per year, payable monthly if each asset closes at or above interest barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below trigger value, in which case 1% loss for every 1% that least-performing asset finishes below initial level
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| Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any monthly review date other than first through fifth and final ones
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| Initial levels: | 1,882.848 for Russell, 12,588.29 for Nasdaq and $88.01 for biotech ETF
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| Interest barriers: | 1,317.9936 for Russell, 8,811.803 for Nasdaq and $61.607 for biotech ETF, or 70% of initial levels
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| Trigger values: | 1,129.7088 for Russell, 7,552.974 for Nasdaq and $52.806 for biotech ETF, or 60% of initial levels
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| Pricing date: | Sept. 9, 2022
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| Settlement date: | Sept. 14, 2022
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.95%
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| Cusip: | 48133MT34
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