Published on 4/24/2024 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $600,000 11.25% callable contingent interest notes on indexes, ETF
By Kiku Steinfeld
Chicago, April 24 – JPMorgan Chase Financial Co. LLC priced $600,000 of callable contingent interest notes due Jan. 30, 2026 linked to the Nasdaq-100 Technology Sector index, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.25%, paid monthly, if each underlier closes at or above its 70% trigger level on the related monthly observation date.
If the worst performing asset gains or ends above its 70% downside threshold the payout at maturity will be par plus the coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below its downside threshold level.
The securities may be called starting Feb. 1, 2024 at par and on any subsequent monthly review date.
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: | Callable contingent interest notes
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| Underlying assets: | Nasdaq-100 Technology Sector index, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF
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| Amount: | $600,000
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| Maturity: | Jan. 30, 2026
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| Coupon: | 11.25%, paid monthly, if each underlier closes at or above its 70% trigger level on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing asset declines if it finishes below its downside threshold level
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| Call: | Starting Feb. 1, 2024 at par and on any subsequent monthly review date
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| Initial levels: | 8,351.02 for Nasdaq Technology Sector, $452.49 for SPDR S&P, $193.92 for iShares Russell ETF
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| Downside thresholds: | 5,845.714 for Nasdaq Technology Sector, $316.743 for SPDR S&P, $135.744 for iShares Russell ETF, 70% of initial level
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| Pricing date: | July 27, 2023
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| Settlement date: | Aug. 1, 2023
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.5%
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| Cusip: | 48133YQN7
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