Published on 4/21/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.29 million contingent interest notes on the Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, April 21 – JPMorgan Chase Financial Co. LLC priced $1.29 million of contingent interest notes due April 21, 2022 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes pay a contingent coupon at a rate of 9.5% per year if each index closes at or above its coupon barrier, 75% of its initial level, on the review date for that quarter.
The payout at maturity will be par unless either index finishes below its 75% trigger value, in which case investors will be fully exposed to the decline of the lesser-performing index.
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: | Contingent interest notes
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Underlying indexes: | Dow Jones industrial average and Russell 2000
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Amount: | $1,287,000
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Maturity: | April 21, 2022
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Coupon: | 9.5%, payable each quarter that each index closes at or above its coupon barrier on the review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its trigger value, in which case investors will be fully exposed to the decline of the lesser-performing index
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Initial levels: | 24,242.49 for Dow and 1,229.098 for Russell
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Barrier/trigger levels: | 18,181.8675 for Dow and 921.8235 for Russell, 75% of initial levels
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Pricing date: | April 17
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Settlement date: | April 24
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0%
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Cusip: | 48132KSM8
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