Published on 5/12/2022 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.32 million 13% contingent interest autocalls on three stocks
By Kiku Steinfeld
Chicago, May 12 – JPMorgan Chase Financial Co. LLC priced $1.32 million of autocallable contingent interest notes due Oct. 3, 2024 linked to the least performing of the common stocks of Bank of America Corp., Discover Financial Services and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13% if each stock closes at or above its 60% coupon barrier on the review date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any monthly call review date after three months.
The payout at maturity will be par unless any stock finishes below its 50% trigger level, in which case investors will be fully exposed to any losses 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: | Bank of America Corp., Discover Financial Services and Tesla, Inc.
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Amount: | $1,316,000
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Maturity: | Oct. 3, 2024
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Coupon: | 13% annualized, payable monthly if each stock closes at or above 60% coupon barrier on review date for that month
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Price: | Par
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Payout at maturity: | Par unless any stock closes below 50% trigger, in which case 1% loss for each 1% decline of worst performing stock
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any monthly call review date after three months
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Initial levels: | $42.45 for BofA, $122.85 for Discover, $775.48 for Tesla
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Coupon barrier levels: | $25.47 for BofA, $73.71 for Discover, $465.288 for Tesla; 60% of initial levels
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Trigger levels: | $21.225 for BofA, $61.425 for Discover, $387.74 for Tesla; 50% of initial levels
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Pricing date: | Sept. 30, 2021
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Settlement date: | Oct. 5, 2021
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.25%
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Cusip: | 48132WWF2
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