Published on 8/30/2021 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.01 million autocallable contingent interest notes on finance stocks
By William Gullotti
Buffalo, N.Y., Aug. 30 – JPMorgan Chase Financial Co. LLC sold $2.01 million of autocallable contingent interest notes due June 14, 2024 linked to the performance of the stocks of Bank of America Corp., Citigroup Inc. and Charles Schwab Corp., 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 7.25% if each stock closes at or above its interest barrier level, 70% of its initial level, on the review date for that month.
The notes will be automatically called at par plus coupon if each index closes at or above 95% of initial levels 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 70% 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: | Bank of America Corp., Citigroup Inc., Charles Schwab Corp.
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Amount: | $2,005,000
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Maturity: | June 14, 2024
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Coupon: | 7.25% annualized, payable quarterly if each underlying stock closes at or above interest barrier level on review date for that month
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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 index finishes at or above 95% of initial levels on any quarterly call date after six months
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Initial levels: | $67.61 for Citi, $38.78 for BofA, $69.83 for Schwab
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Interest barriers: | $47.327 for Citi, $27.146 for BofA, $48.881 for Schwab; 70% of initial levels
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Trigger values: | $47.327 for Citi, $27.146 for BofA, $48.881 for Schwab; 70% of initial levels
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Pricing date: | June 18
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Settlement date: | June 23
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.75%
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Cusip: | 48132ULZ4
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