Published on 6/26/2023 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.24 million autocallable contingent interest notes on three stocks
By William Gullotti
Buffalo, N.Y., June 26 – JPMorgan Chase Financial Co. LLC sold $2.24 million of autocallable contingent interest notes due June 20, 2025 linked to the performance of the stocks of Tesla, Inc., Amazon.com, 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 monthly coupon at an annual rate of 27% if each stock closes at or above its interest barrier level, 60% of its initial level, on the corresponding review date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
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 three months.
If the notes are not called and each stock finishes at or above its 60% trigger value, the payout at maturity will be par plus all unpaid coupons.
Otherwise, 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: | Tesla, Inc., Amazon.com, Inc., Charles Schwab Corp.
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| Amount: | $2,237,000
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| Maturity: | June 20, 2025
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| Coupon: | 27% annualized, payable monthly 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
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger value, par plus all unpaid coupons; otherwise, full exposure to decline of worst performer 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 three months
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| Initial levels: | $260.54 for Tesla, $125.49 for Amazon, $54.40 for Schwab
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| Interest barriers: | $156.324 for Tesla, $75.294 for Amazon, $32.64 for Schwab; 60% of initial levels
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| Trigger values: | $156.324 for Tesla, $75.294 for Amazon, $32.64 for Schwab; 60% of initial levels
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| Pricing date: | June 16
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| Settlement date: | June 22
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48133XKF2
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