Pricing supplement
To prospectus dated April 8, 2020,
prospectus supplement dated April 8, 2020 and
product supplement no. 1-II dated November 4, 2020
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Registration Statement No. 333-236659
Dated June 18, 2021
Rule 424(b)(2)
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$2,201,000
Callable Step-Up Fixed Rate Notes due June 20, 2031
General
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The notes are unsecured and unsubordinated obligations of JPMorgan Chase & Co. Any payment on the notes is subject to the credit
risk of JPMorgan Chase & Co.
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These notes are designed for an investor who seeks a fixed income investment, where the interest rate increases over time as described
under Interest Rate below, but who is also willing to accept the risk that the notes will be called prior to the Maturity
Date.
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Unless general interest rates rise significantly, you should not expect to earn the highest scheduled Interest Rate set forth below
because the notes are likely to be called prior to maturity if interest rates remain the same or fall during the term of your notes. Additionally,
the Interest Rate on the notes does not step up to 3.50% per annum until later in the term of the notes. See Selected Risk Considerations
in this pricing supplement.
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These notes have a long maturity relative to other fixed income products. Longer-dated notes may be riskier than shorter-dated notes.
See "Selected Risk Considerations" in this pricing supplement.
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At our option, we may redeem the notes, in whole but not in part, on any of the Redemption Dates specified below.
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The notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.
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Key Terms
Issuer:
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JPMorgan Chase & Co.
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Payment at Maturity:
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On the Maturity Date, we will pay you the principal amount of your notes plus any accrued and unpaid interest, provided that your notes are outstanding and have not previously been called on any Redemption Date.
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Call Feature:
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On June 22 of each year, beginning on June 22, 2024 and ending on June 22, 2030 (each, a “Redemption Date”), we may redeem your notes, in whole but not in part, at a price equal to the principal amount being redeemed plus any accrued and unpaid interest, subject to the Business Day Convention and the Interest Accrual Convention described below and in the accompanying product supplement. If we intend to redeem your notes, we will deliver notice to The Depository Trust Company at least 5 business days and not more than 15 business days before the applicable Redemption Date.
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Interest:
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Subject to the Interest Accrual Convention, with respect to each Interest
Period, for each $1,000 principal amount note, we will pay you interest in arrears on each Interest Payment Date in accordance with the
following formula:
$1,000 × Interest Rate × Day Count Fraction.
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Interest Period:
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The period beginning on and including the Original Issue Date of the notes and ending on but excluding the first Interest Payment Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date, subject to any earlier redemption and the Interest Accrual Convention described below and in the accompanying product supplement.
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Interest Payment Dates:
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Interest on the notes will be payable in arrears on the 22nd calendar day of June and December of each year, beginning on December 22, 2021 to and including December 22, 2030, and on the Maturity Date (each, an “Interest Payment Date”), subject to any earlier redemption and the Business Day Convention and Interest Accrual Convention described below and in the accompanying product supplement.
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Interest Rate:
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For the applicable Interest Period, the Interest Rate on your notes will be equal to:
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From (and including)
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To (but excluding)
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Interest Rate
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June 22, 2021
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June 22, 2026
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1.75% per annum
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June 22, 2026
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June 22, 2029
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2.25% per annum
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June 22, 2029
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June 20, 2031
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3.50% per annum
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The first date above refers to the Original Issue Date. The other dates above refer to originally scheduled Interest Payment Dates.
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Pricing Date:
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June 18, 2021
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Original Issue Date:
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June 22, 2021, subject to the Business Day Convention (Settlement Date)
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Maturity Date:
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June 20, 2031, subject to the Business Day Convention
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Business Day Convention:
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Following
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Interest Accrual Convention:
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Unadjusted
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Day Count Fraction:
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30/360
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CUSIP:
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48128G4C1
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Investing in the notes involves a number of risks. See “Risk Factors”
beginning on page S-2 of the accompanying prospectus supplement, “Risk Factors” beginning on page PS-11 of the accompanying
product supplement and “Selected Risk Considerations” beginning on page PS-4 of this pricing supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor
any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement
or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.
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Price to Public(1)
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Fees and Commissions(2)
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Proceeds to Issuer
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Per note
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$1,000
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$14.861
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$985.139
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Total
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$2,201,000
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$32,709.07
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$2,168,290.93
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(1) The price to the public includes the estimated cost of hedging our obligations
under the notes through one or more of our affiliates.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent
for JPMorgan Chase & Co., will pay all of the selling commissions of $14.861 per $1,000 principal amount note it receives from us
to other affiliated or unaffiliated dealers. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product
supplement.
The notes are not bank deposits, are not insured by the Federal Deposit
Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
Additional Terms Specific to the Notes
You should read this pricing supplement together with the accompanying prospectus,
as supplemented by the accompanying prospectus supplement relating to our Series E medium-term notes of which these notes are a part,
and the more detailed information contained in the accompanying product supplement. This pricing supplement, together with the documents
listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written
materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures,
fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth
in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement, as the notes
involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other
advisers before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as follows
(or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
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Product supplement no. 1-II dated November 4, 2020:
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http://www.sec.gov/Archives/edgar/data/19617/000095010320021464/crt_dp139380.pdf
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Prospectus supplement and prospectus, each dated April 8, 2020:
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http://www.sec.gov/Archives/edgar/data/19617/000095010320007214/crt_dp124361-424b2.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this
pricing supplement, “we,” “us” and “our” refer to JPMorgan Chase & Co.
Selected Purchase Considerations
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PRESERVATION OF CAPITAL AT MATURITY OR UPON REDEMPTION We will pay you at least the principal amount of your notes if
you hold the notes to maturity or to the Redemption Date, if any, on which we elect to call the notes. Because the notes are our unsecured
and unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay our obligations as they become due.
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PERIODIC INTEREST PAYMENTS The notes offer periodic interest payments on each Interest Payment Date at the applicable
Interest Rate, subject to any earlier redemption. Interest, if any, will be paid in arrears on each Interest Payment Date to the holders
of record at the close of business on the business day immediately preceding the applicable Interest Payment Date. The interest payments
will be based on the Interest Rate listed on the cover of this pricing supplement. The yield on the notes may be less than the overall
return you would receive from a conventional debt security that you could purchase today with the same maturity as the notes.
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POTENTIAL PERIODIC REDEMPTION BY US AT OUR OPTION At our option, we may redeem the notes, in whole but not in part,
on any of the Redemption Dates set forth on the cover of this pricing supplement, at a price equal to the principal amount being redeemed
plus any accrued and unpaid interest, subject to the Business Day Convention and the Interest Accrual Convention described on the
cover of this pricing supplement and in the accompanying product supplement. Any accrued and unpaid interest on the notes redeemed will
be paid to the person who is the holder of record of these notes at the close of business on the business day immediately preceding the
applicable Redemption Date. Even in cases where the notes are called before maturity, noteholders are not entitled to any fees or commissions
described on the front cover of this pricing supplement.
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INSOLVENCY AND RESOLUTION CONSIDERATIONS The notes constitute loss-absorbing capacity within the meaning
of the final rules (the TLAC rules) issued by the Board of Governors of the Federal Reserve System (the Federal Reserve)
on December 15, 2016 regarding, among other things, the minimum levels of unsecured external long-term debt and other loss-absorbing capacity
that certain U.S. bank holding companies, including JPMorgan Chase & Co., are required to maintain. Such debt must satisfy certain
eligibility criteria under the TLAC rules. If JPMorgan Chase & Co. were to enter into resolution, either in a proceeding under Chapter
11 of the U.S. Bankruptcy Code or in a receivership administered by the Federal Deposit Insurance Corporation (the FDIC) under
Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act), holders of the notes
and other debt and equity securities of JPMorgan Chase & Co. will absorb the losses of JPMorgan Chase & Co. and its affiliates.
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Under Title I of the Dodd-Frank Act and
applicable rules of the Federal Reserve and the FDIC, JPMorgan Chase & Co. is required to submit periodically to the Federal
Reserve and the FDIC a detailed plan (the “resolution plan”) for the rapid and orderly resolution of JPMorgan Chase
& Co. and its material subsidiaries under the U.S. Bankruptcy Code and other applicable insolvency laws in the event of material
financial distress or failure. JPMorgan Chase & Co.’s preferred resolution strategy under its resolution plan contemplates
that only JPMorgan Chase & Co. would enter bankruptcy proceedings under Chapter 11 of the U.S. Bankruptcy Code pursuant to a
“single point of entry” recapitalization strategy. JPMorgan Chase & Co.’s subsidiaries would be recapitalized
as needed so that they could continue normal operations or subsequently be wound down in an orderly manner. As a result, JPMorgan
Chase & Co.’s losses and any losses incurred by its subsidiaries would be imposed first on holders of JPMorgan Chase &
Co.’s equity securities and thereafter on unsecured creditors, including holders of the notes and other securities of JPMorgan
Chase & Co. Claims of holders of the notes and those other debt securities would have a junior position to the claims of
creditors of JPMorgan Chase & Co.’s subsidiaries and to the claims of priority (as determined by statute) and secured
creditors of JPMorgan Chase & Co. Accordingly, in a resolution of JPMorgan Chase & Co. under Chapter 11 of the U.S.
Bankruptcy Code, holders of the notes and other debt securities of JPMorgan Chase & Co. would realize value only to the extent
available to JPMorgan Chase & Co. as a shareholder of JPMorgan
Callable Step-Up Fixed Rate Notes
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PS-2
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Chase Bank, N.A. and its other subsidiaries and only after any claims of priority and secured creditors
of JPMorgan Chase & Co. have been fully repaid. If JPMorgan Chase & Co. were to enter into a resolution, none of JPMorgan Chase
& Co., the Federal Reserve or the FDIC is obligated to follow JPMorgan Chase & Co.’s preferred resolution strategy under
its resolution plan.
The FDIC has similarly indicated that a single
point of entry recapitalization model could be a desirable strategy to resolve a systemically important financial institution, such as
JPMorgan Chase & Co., under Title II of the Dodd-Frank Act (“Title II”). Pursuant to that strategy, the FDIC would use
its power to create a “bridge entity” for JPMorgan Chase & Co.; transfer the systemically important and viable parts of
JPMorgan Chase & Co.’s business, principally the stock of JPMorgan Chase & Co.’s main operating subsidiaries and any
intercompany claims against such subsidiaries, to the bridge entity; recapitalize those subsidiaries using assets of JPMorgan Chase &
Co. that have been transferred to the bridge entity; and exchange external debt claims against JPMorgan Chase & Co. for equity in
the bridge entity. Under this Title II resolution strategy, the value of the stock of the bridge entity that would be redistributed to
holders of the notes and other debt securities of JPMorgan Chase & Co. may not be sufficient to repay all or part of the principal
amount and interest on the notes and those other securities. To date, the FDIC has not formally adopted a single point of entry resolution
strategy, and it is not obligated to follow such a strategy in a Title II resolution of JPMorgan Chase & Co.
Callable Step-Up Fixed Rate Notes
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PS-3
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Selected Risk Considerations
An investment in the notes involves significant risks. These risks are explained
in more detail in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement.
Risks Relating to the Notes Generally
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WE MAY CALL YOUR NOTES PRIOR TO THEIR SCHEDULED MATURITY DATE We may choose to call the notes early or choose not to
call the notes early on any Redemption Date in our sole discretion. If the notes are called early, you will receive the principal amount
of your notes plus any accrued and unpaid interest to, but excluding, the Redemption Date. The aggregate amount that you will receive
through and including the Redemption Date will be less than the aggregate amount that you would have received had the notes not been called
early. If we call the notes early, your overall return may be less than the yield that the notes would have earned if you held your notes
to maturity and you may not be able to reinvest your funds at the same rate as the original notes. We may choose to call the notes early,
for example, if U.S. interest rates decrease or do not rise significantly or if volatility of U.S. interest rates decreases significantly.
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STEP-UP NOTES PRESENT DIFFERENT INVESTMENT CONSIDERATIONS THAN FIXED RATE NOTES The rate of interest paid by us on the
notes will increase upward from the initial stated rate of interest of the notes. The notes are callable by us, in whole but not in part,
prior to maturity and, therefore, are subject to the call risk described above. If we do not call the notes, the interest rate will step
up as described on the cover of this pricing supplement. Unless general interest rates rise significantly, you should not expect to earn
the highest scheduled Interest Rate set forth on the cover of this pricing supplement because the notes are likely to be called prior
to maturity if interest rates remain the same or fall during the term of your notes. When determining whether to invest in a step-up fixed
rate note, you should not focus on the highest stated Interest Rate, which usually is the final step-up rate of interest. You should instead
focus on, among other things, the overall annual percentage rate of interest to maturity or call as compared to other equivalent investment
alternatives.
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THE INTEREST RATE OF THE NOTES DOES NOT STEP UP TO 3.50% PER ANNUM UNTIL LATER IN THE TERM OF THE NOTES Unless general
interest rates rise significantly, you should not expect to earn the highest scheduled Interest Rate set forth on the cover of this pricing
supplement because the notes are likely to be called prior to maturity if interest rates remain the same or fall during the term of your
notes. Additionally, the interest rate on the notes does not step up to 3.50% per annum until later in the term of the notes.
If interest rates rise faster than the incremental increases in the interest rates of the notes, the notes may have an interest rate that
is significantly lower than the interest rates at that time and the secondary market value of the notes may be significantly lower than
other instruments with a similar term but higher interest rates. In other words, you should purchase the notes only if you are comfortable
receiving the stated interest rates set forth on the cover of this pricing supplement for the entire term of the notes.
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LONGER-DATED NOTES MAY BE RISKIER THAN SHORTER-DATED NOTES By purchasing a note with a longer tenor, you are more exposed
to fluctuations in interest rates than if you purchased a note with a shorter tenor. The present value of a longer-dated note tends to
be more sensitive to rising interest rates than the present value of a shorter-dated note. If interest rates rise, the present value of
a longer-dated note will fall faster than the present value of a shorter-dated note. You should purchase these notes only if you are comfortable
with owning a note with a longer tenor.
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CREDIT RISK OF JPMORGAN CHASE & CO. The notes are subject to the credit risk of JPMorgan Chase & Co., and our
credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase &
Co.s ability to pay all amounts due on the notes. Any actual or potential change in our creditworthiness or credit spreads, as determined
by the market for taking our credit risk, is likely to adversely affect the value of the notes. If we were to default on our payment obligations,
you may not receive any amounts owed to you under the notes and you could lose your entire investment.
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REINVESTMENT RISK If we redeem the notes, the term of the notes may be reduced and you will not receive interest payments
after the applicable Redemption Date. There is no guarantee that you would be able to reinvest the proceeds from an investment in the
notes at a comparable return and/or with a comparable interest rate for a similar level of risk in the event the notes are redeemed prior
to the Maturity Date.
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LACK OF LIQUIDITY The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes
in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow
you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price
at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes.
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Risks Relating to Conflicts of Interest
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POTENTIAL CONFLICTS We and our affiliates play a variety of roles in connection with the issuance of the notes, including
acting as calculation agent and as an agent of the offering of the notes and hedging our obligations under the notes. In performing these
duties, our economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse
to your interests as an investor in the notes. In addition, our business activities, including hedging and trading activities for our
own accounts or on behalf of customers, could cause our economic interests to be adverse to yours and could adversely affect any payment
on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with
the notes could result in substantial returns for us or our affiliates while the
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Callable Step-Up Fixed Rate Notes
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PS-4
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value of the notes declines. Please refer to
Risk Factors Risks Relating to Conflicts of Interest in the accompanying product supplement for additional information
about these risks.
Risks Relating to Secondary Market Prices of the Notes
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CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUE OF THE NOTES PRIOR TO MATURITY While the payment at
maturity described in this pricing supplement is based on the full principal amount of your notes, the original issue price of the notes
includes the agents commission and the estimated cost of hedging our obligations under the notes through one or more of our affiliates.
As a result, the price, if any, at which JPMS will be willing to purchase notes from you in secondary market transactions, if at all,
will likely be lower than the original issue price and any sale prior to the Maturity Date could result in a substantial loss to you.
This secondary market price will also be affected by a number of factors aside from the agents commission and hedging costs, including
those referred to under Many Economic and Market Factors Will Impact the Value of the Notes below.
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The notes are not designed to be short-term
trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
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MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES The notes will be affected by a number of economic
and market factors that may either offset or magnify each other, including but not limited to:
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any actual or potential change in our creditworthiness or credit spreads;
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the time to maturity of the notes;
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interest and yield rates in the market generally, as well as the volatility of those rates; and
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the likelihood, or expectation, that the notes will be redeemed by us, based on prevailing market interest rates or otherwise.
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Callable Step-Up Fixed Rate Notes
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PS-5
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Hypothetical Examples of Calculation of the Interest
Rate on the Notes for an Interest Period
The following examples illustrate how the hypothetical Interest Rate for
an Interest Period is calculated if we choose to call the notes early or choose not to call the notes early on any Redemption Date in
our sole discretion, assuming that the Day Count Fraction for the applicable Interest Period is equal to 180 / 360. The actual Day Count
Fraction for an Interest Period will be calculated in the manner set forth in the accompanying product supplement. The hypothetical Interest
Rates in the following examples are for illustrative purposes only and may not correspond to the actual Interest Rates for any Interest
Period applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.
Example 1: If we choose to call the notes early on a Redemption Date
and the Redemption Date is June 22, 2024, we will pay you $1,000 for each $1,000 principal amount note plus any accrued and
unpaid interest at an Interest Rate equal to 1.75% per annum. Therefore, the interest payment per $1,000 principal amount note on
the Redemption Date will be calculated as follows:
$1,000 × 1.75% × (180 / 360) = $8.75
We will pay you a principal payment of $1,000 for each $1,000 principal
amount note on the Redemption Date. Therefore, you will receive $1,008.75 for each $1,000 principal amount note ($1,000 of principal
plus $8.75 of interest) on the Redemption Date, but you will not receive any further interest or principal payments from us.
Example 2: If we choose not to call the notes early on any prior
Redemption Date and on the Redemption Date corresponding to the Interest Payment Date and the Interest Payment Date is December 22, 2028,
we will pay you any accrued and unpaid interest on the applicable Interest Payment Date at an Interest Rate equal to 2.25% per annum.
Therefore, the interest payment per $1,000 principal amount note will be calculated as follows:
$1,000 × 2.25% × (180 / 360) = $11.25
We will pay you an interest payment of $11.25 for each $1,000 principal
amount note on that Interest Payment Date. Because the notes have not been called, you will be entitled to receive additional interest
payments until the Maturity Date or, if the notes are redeemed earlier, the applicable Redemption Date. You will also receive a payment
of principal on the Maturity Date or, if the notes are redeemed early, the applicable Redemption Date.
Example 3: If we choose not to call the notes prior to the Maturity
Date and today is the Maturity Date, we will pay you $1,000 for each $1,000 principal amount note plus any accrued and unpaid
interest on the Maturity Date at an Interest Rate equal to 3.00% per annum. Therefore, the interest payment per $1,000 principal amount
note on the Maturity Date will be calculated as follows:
$1,000 × 3.50% × (180 / 360) = $17.50
We will pay you a principal payment of $1,000 for each $1,000 principal
amount note on the Maturity Date. Therefore, you will receive $1,017.50 for each $1,000 principal amount note ($1,000 of principal plus
$17.50 of interest) on the Maturity Date, and you will not receive any further interest or principal payments from us.
The hypothetical payments on these notes shown above apply only if you
hold the notes for their entire term or until earlier redemption. These hypotheticals do not reflect fees or expenses that would be
associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical payments shown above would
likely be lower.
Callable Step-Up Fixed Rate Notes
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PS-6
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Supplemental Use of Proceeds
Notwithstanding anything to the contrary in the accompanying prospectus,
we will contribute the net proceeds that we receive from the sale of the notes offered by this pricing supplement to our “intermediate
holding company” subsidiary, JPMorgan Chase Holdings LLC, which will use those net proceeds for general corporate purposes. General
corporate purposes may include investments in our subsidiaries, payments of dividends to us, extensions of credit to us or our subsidiaries
or the financing of possible acquisitions or business expansion. Interest on our debt securities (including interest on the notes offered
by this pricing supplement) and dividends on our equity securities, as well as redemptions or repurchases of our outstanding securities,
will be made using amounts we receive as dividends or extensions of credit from JPMorgan Chase Holdings LLC or as dividends from JPMorgan
Chase Bank, N.A.
Tax Treatment
You should review carefully the section in the accompanying product supplement
no. 1-II entitled “Material U.S. Federal Income Tax Consequences,” focusing particularly on the section “— Tax
Consequences to U.S. Holders — Notes Treated as Debt Instruments But Not Contingent Payment Debt Instruments — Notes Treated
as Debt Instruments That Provide for Fixed Interest Payments at Multiple Rates.” The following, when read in combination with those
sections, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal
income tax consequences of owning and disposing of the notes.
Our special tax counsel is of the opinion that the notes will be treated
as step-up fixed-rate debt instruments issued without original issue discount.
Validity of the Notes
In the opinion of Davis Polk & Wardwell LLP, as our special products
counsel, when the notes offered by this pricing supplement have been executed and issued by us and authenticated by the trustee pursuant
to the indenture, and delivered against payment as contemplated herein, such notes will be our valid and binding obligations, enforceable
in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally,
concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith,
fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance,
fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof
and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware. In addition, this opinion
is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication
of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter
of such counsel dated February 26, 2020, which was filed as an exhibit to the Registration Statement on Form S-3 by us on February 26,
2020.
Callable Step-Up Fixed Rate Notes
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PS-7
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