JPMorgan structured notes priced
- JPMorgan priced auto-callable contingent-interest notes linked to Micron and offered similar notes tied to Occidental Petroleum. - The Micron-linked deal carried a 26.25% coupon and had an earliest call in July 2026, while the OXY-linked notes had a contingent rate of at least 13.75% per year. - These tailored structured products show how banks package volatility and yield for investors, involving structurers, traders, sales, and risk teams ( ).
JPMorgan has priced one structured note tied to Micron Technology and is marketing another tied to Occidental Petroleum, using high headline coupons to sell principal-at-risk bets on single stocks. (sec.gov, ebs.publicnow.com) The Micron deal was priced on April 20 at $4.364 million, carries a 26.25% annual contingent coupon, can be called as early as July 20, 2026, and is due Oct. 25, 2027. (ebs.publicnow.com) JPMorgan’s preliminary Occidental terms, dated April 22, show a note due April 26, 2029 with a contingent rate of at least 13.75% a year and an earliest automatic call date of Oct. 21, 2026. (ebs.publicnow.com) These notes pay interest only if the stock stays above a preset barrier on review dates, and they can be redeemed early if the stock is at or above its starting level. JPMorgan set Micron’s interest barrier at 60% of the initial value and Occidental’s at 70% of the strike value. (ebs.publicnow.com, ebs.publicnow.com) If the notes are not called and the stock finishes below the downside threshold, investors can lose a significant portion or all of their principal. Both filings say the securities are unsecured obligations of JPMorgan Chase Financial Company LLC and depend on the credit of both the issuer and guarantor JPMorgan Chase & Co. (ebs.publicnow.com, ebs.publicnow.com) The trade-off is straightforward: investors get a chance at double-digit income, but they give up ordinary dividends from Micron or Occidental and accept stock-linked downside. JPMorgan’s own structured-notes brochure says these products combine a fixed-income instrument with derivatives, usually options. (ebs.publicnow.com, ebs.publicnow.com, jpmorgan.com) The underlying stocks help explain the coupon gap. Micron’s shares have been swept up in the artificial-intelligence memory boom and the company reported record fiscal second-quarter 2026 revenue of $23.86 billion, while Occidental remains tied to oil prices and a steadier large-cap energy profile. (stocktitan.net, stocktitan.net) Micron’s equity value was roughly $506 billion on April 20, 2026, versus about $53 billion for Occidental on April 17, 2026, according to market-cap trackers. The richer Micron coupon is consistent with a stock whose options market implies bigger swings. (public.com, public.com) These are small, customized capital-markets deals, not broad corporate financings. The Micron tranche alone was just $4.364 million, sold in $1,000 denominations and expected to settle on April 23, 2026. (ebs.publicnow.com) For JPMorgan, the pitch is yield with conditions attached. For buyers, the headline coupon is only real if the stock path, the call feature and JPMorgan’s own credit all cooperate. (ebs.publicnow.com, ebs.publicnow.com)
