Published on 6/19/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million contingent interest autocallables on three stocks
By Kiku Steinfeld
Chicago, June 19 – JPMorgan Chase Financial Co. LLC priced $1 million of autocallable contingent interest notes due Dec. 20, 2021 linked to the least performing of the common stocks of Activision Blizzard, Inc., Applied Materials, Inc. and Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each month, the notes will pay a contingent coupon at an annual rate of 7.3% if each stock closes at or above its trigger value, 50% of its initial price, on the review date for that month.
The notes will be automatically called at par if each stock closes at or above its initial price on any quarterly review date after six months other than the final date.
The payout at maturity will be par unless any stock finishes below its trigger value, in which case investors will be fully exposed to the decline of the worst-performing stock.
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: | Activision Blizzard, Inc., Applied Materials, Inc. and Cisco Systems, Inc.
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Amount: | $1,000,000
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Maturity: | Dec. 20, 2021
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Coupon: | 7.3%, payable monthly if each stock closes at or above trigger value on review date for that month
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if each stock finishes at or above trigger value; otherwise, exposure to decline of worst-performing stock
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Call: | After six months automatically at par plus contingent coupon if each stock closes at or above initial price on any quarterly review date other than final date
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Initial prices: | $55.41 for Activision Blizzard, $71.28 for Microsoft, $43.67 for Cisco
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Trigger values: | $27.705 for Activision Blizzard, $35.64 for Microsoft, $21.835 for Cisco; 50% of initial prices
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Pricing date: | June 15
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Settlement date: | June 22
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Underwriters: | J.P. Morgan Securities LLC
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Fees: | 2.75%
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Cusip: | 48132MJE2
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