Published on 8/29/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $302,000 autocallable contingent interest notes on DraftKings, PayPal
Chicago, Aug. 29 – JPMorgan Chase Financial Co. LLC priced $302,000 of autocallable contingent interest notes due Aug. 21, 2025 linked to the lesser performing of the stocks of DraftKings Inc. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 22.6%, paid monthly, if each underlying stock closes at or above its 50% trigger level on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting Nov. 16, 2022 at par and on any subsequent quarterly review date if both stocks close above their initial values.
At maturity the payout will be par if either stock closes above its initial level or if the worst performing stock closes above its 50% trigger level. Otherwise, investors will be fully exposed to the decline of the worst performing stock.
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 stocks: | DraftKings Inc. and PayPal Holdings, Inc.
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| Amount: | $302,000
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| Maturity: | Aug. 21, 2025
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| Coupon: | 22.6% annual rate, paid monthly, if each underlying stock closes at or above its 50% trigger level on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par if either stock closes above initial level or if both stocks close above trigger levels; otherwise, investors will be fully exposed to the decline in the worst performing stock
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| Call: | Automatically starting Nov. 16, 2022 at par and on any subsequent quarterly review date if both stocks close above initial levels
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| Initial levels: | $20.66 for DraftKings, $102.08 for PayPal Holdings
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| Trigger levels: | $10.33 for DraftKings, $51.04 for PayPal Holdings, 50% of initial levels
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| Strike date: | Aug. 16, 2022
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| Pricing date: | Aug. 17, 2022
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| Settlement date: | Aug. 22, 2022
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.2%
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| Cusip: | 48133MMB3
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