Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $350,000 10.45% contingent interest autocalls on bank stocks
By Kiku Steinfeld
Chicago, May 12 – JPMorgan Chase Financial Co. LLC priced $350,000 of autocallable contingent interest notes due Jan. 9, 2025 linked to the common stocks of Morgan Stanley, Charles Schwab Corp. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.45%, paid quarterly, if each underlying stock closes at or above its 50% trigger level on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting April 5, 2023 at par and on any subsequent quarterly review date if each stock closes at or above its initial level
At maturity the payout will be par unless the worst performing stock closes below its 50% trigger level in which case 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: | Morgan Stanley, Charles Schwab Corp. and Wells Fargo & Co.
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Amount: | $350,000
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Maturity: | Jan. 9, 2025
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Coupon: | 10.45%, paid quarterly, if each underlying stock closes at or above its 50% trigger level on the related quarterly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par unless the worst performing stock closes below its trigger level in which case investors will be fully exposed to the decline in the worst performing stock
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Call: | Automatically starting April 5, 2023 at par and on any subsequent quarterly review date if each stock closes at or above its initial level
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Initial levels: | $85.92 for Morgan Stanley, $83.11 for Schwab, $42.42 for Wells
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Trigger levels: | $42.96 for Morgan Stanley, $41.555 for Schwab, $21.21 for Wells, 50% of initial levels
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Pricing date: | Jan. 6, 2023
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Settlement date: | Jan. 11, 2023
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.75%
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Cusip: | 48133TTB1
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