By Sarah Lizee
Olympia, Wash., Feb. 25 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due Feb. 17, 2023 linked to the least performing of the common stocks of Caterpillar Inc. and Dow 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 11.8% if each stock closes at or above its interest barrier level, 60% of its initial level, on the review date for that quarter, in which case investors will also receive any previously unpaid coupons.
The notes will be called at par plus the contingent coupon and any previously unpaid coupons if each stock closes at or above its initial level on any quarterly review date other than the final date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless either stock finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worse 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: | Caterpillar Inc. and Dow Inc.
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| Amount: | $1 million
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| Maturity: | Feb. 17, 2023
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| Coupon: | 11.8% annualized, payable quarterly if each underlying stock closes at or above barrier level on review date for that quarter in which case investors will also receive any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon and any previously unpaid coupons unless either stock finishes below barrier level, in which case 1% loss for each 1% decline of worse performing stock from initial level
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| Call: | At par plus contingent coupon and any previously unpaid coupons if each stock closes at or above initial level on any quarterly review date other than final date
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| Initial levels: | $137.99 for Caterpillar, $48.63 for Dow
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| Interest/barrier levels: | $82.794 for Caterpillar, $29.178 for Dow; 60% of initial levels
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| Pricing date: | Feb. 19
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| Settlement date: | Feb. 21
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48132HD74
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