Published on 5/28/2019 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $645,000 callable contingent interest notes on indexes, ETF
By Sarah Lizee
Olympia, Wash., May 28 – JPMorgan Chase Financial Co. LLC priced $645,000 of callable contingent interest notes due May 23, 2024 linked to the least performing of the S&P 500 index, the Russell 2000 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8.5% if each underlying closes at or above its interest barrier level, 60% of its initial level, on the review date for that quarter.
The notes may be called at par plus any coupon, in whole but not in part, on any interest payment date other than the first, second, third and final ones.
If the notes have not been called, the payout at maturity will be par plus any coupon unless any of the underlyings have finished below their trigger value, 60% of the initial level, in which case investors will lose 1% for every 1% decline of the worst performing underlying 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: | Callable contingent interest notes
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Underlyings: | S&P 500 index, Russell 2000 index and SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $645,000
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Maturity: | May 23, 2024
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Coupon: | 8.5% annualized, payable quarterly if each underlying closes at or above interest barrier level on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any underlying finishes below trigger level, in which case 1% loss for every 1% decline of worst-performing underlying from initial level
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Call: | At par plus any coupon on any coupon payment date other than the first, second, third and final ones
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Initial levels: | 1,524.963 for Russell, 2,840.23 for S&P and $29.24 for ETF
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Interest barrier levels: | 914.9778 for Russell, 1,704.138 for S&P and $17.544 for ETF; 60% of initial levels
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Trigger levels: | 914.9778 for Russell, 1,704.138 for S&P and $17.544 for ETF; 60% of initial levels
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Pricing date: | May 20
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Settlement date: | May 23
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Agent: | J.P. Morgan Securities LLC
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Fees: | 4.125%
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Cusip: | 48132CNK5
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