Published on 11/19/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.53 million autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., Nov. 19 – JPMorgan Chase Financial Co. LLC sold $2.53 million of autocallable contingent interest notes due Nov. 21, 2023 linked to the performance of the stocks of BlackRock, Inc., Tesla, Inc. and Alphabet Inc., 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 17.7% if each stock closes at or above its interest barrier level, 55% of its initial level, on the corresponding review date. Previously unpaid coupons, if any, will be automatically included whenever a contingent payment is made.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any quarterly call date after six months.
The payout at maturity will be par plus the final coupon, unless any stock finishes below the 55% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
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: | BlackRock, Inc., Tesla, Inc., Alphabet Inc.
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| Amount: | $2,525,000
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| Maturity: | Nov. 21, 2023
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| Coupon: | 17.7% annualized, payable quarterly if each underlying stock closes at or above interest barrier level on relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of worst performing stock from initial level
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| Call option: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly call date after six months
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| Initial levels: | $948.95 for BlackRock, $1,054.73 for Tesla, $2,957.52 for Alphabet
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| Interest barriers: | $521.9225 for BlackRock, $580.1015 for Tesla, $1,626.636 for Alphabet; 55% of initial levels
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| Trigger values: | $521.9225 for BlackRock, $580.1015 for Tesla, $1,626.636 for Alphabet; 55% of initial levels
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 19
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48132YVG7
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