JPMORGAN CHASE PRICES $2.5B SENIOR NOTES OFFERING

TL;DR

**JPM just raised $2.5B in new debt, watch for how they deploy that capital.**

AI Summary

JPMorgan Chase & Co. is offering $1,000,000,000 of 5.000% Senior Notes due January 25, 2029, and $1,500,000,000 of 5.125% Senior Notes due January 25, 2034. This matters to investors because it shows JPMorgan is raising capital to fund its general corporate purposes, which could include investments, acquisitions, or debt repayment, potentially impacting future earnings and stock performance.

Why It Matters

This debt offering provides JPMorgan with significant capital for its operations, which could support growth initiatives or strengthen its balance sheet, ultimately affecting shareholder value.

Risk Assessment

Risk Level: low — The offering is for senior notes from a highly-rated financial institution, indicating a relatively low risk for bondholders.

Analyst Insight

Investors should monitor JPMorgan's upcoming earnings calls and investor presentations for details on how this $2.5 billion in new capital is being deployed, as it could signal future growth areas or balance sheet strengthening.

Key Numbers

• $1,000,000,000 — Principal amount of 2029 notes (Part of the total capital raised by JPMorgan Chase & Co.)
• $1,500,000,000 — Principal amount of 2034 notes (The larger portion of the total capital raised by JPMorgan Chase & Co.)
• 5.000% — Interest rate for 2029 notes (The cost of borrowing for the shorter-term debt.)
• 5.125% — Interest rate for 2034 notes (The cost of borrowing for the longer-term debt.)
• January 25, 2029 — Maturity date for shorter notes (When the first tranche of debt needs to be repaid.)

Key Players & Entities

• JPMorgan Chase & Co. (company) — the filer and issuer of the notes
• $1,000,000,000 (dollar_amount) — aggregate principal amount of 5.000% Senior Notes due January 25, 2029
• $1,500,000,000 (dollar_amount) — aggregate principal amount of 5.125% Senior Notes due January 25, 2034
• January 25, 2029 (date) — maturity date for the 5.000% Senior Notes
• January 25, 2034 (date) — maturity date for the 5.125% Senior Notes
• 5.000% (dollar_amount) — interest rate for the Senior Notes due January 25, 2029
• 5.125% (dollar_amount) — interest rate for the Senior Notes due January 25, 2034

Forward-Looking Statements

• JPMorgan Chase & Co. will use the raised capital to fund strategic investments or acquisitions. (JPMorgan Chase & Co.) — medium confidence, target: Within the next 12-18 months

FAQ

Key Financial Figures

• $500,000 — Company LLC Structured Investments $500,000 Auto Callable Contingent Buffered Equ
• $10,000 — f the notes. Minimum denominations of $10,000 and integral multiples of $1,000 in exc
• $1,000 — ns of $10,000 and integral multiples of $1,000 in excess thereof Key Terms Issuer:
• $0.0001 — ock of QUALCOMM Incorporated, par value $0.0001 per share (Bloomberg ticker: QCOM UW).
• $1,000.00 — s (2) Proceeds to Issuer Per note $1,000.00 $15.00 $985.00 Total $500,000.0
• $15.00 — eeds to Issuer Per note $1,000.00 $15.00 $985.00 Total $500,000.00 $7,50
• $985.00 — ssuer Per note $1,000.00 $15.00 $985.00 Total $500,000.00 $7,500.00 $49
• $500,000.00 — $1,000.00 $15.00 $985.00 Total $500,000.00 $7,500.00 $492,500.00 (1) See "Su
• $7,500.00 — 15.00 $985.00 Total $500,000.00 $7,500.00 $492,500.00 (1) See "Supplemental U
• $492,500.00 — .00 Total $500,000.00 $7,500.00 $492,500.00 (1) See "Supplemental Use of Proceeds
• $968.10 — en the terms of the notes were set, was $968.10 per $1,000 principal amount note. See "
• $130 — ck Strike Price Stock Strike Price: $130.47, which was the closing price of one
• $100 — es a hypothetical Stock Strike Price of $100.00, and reflects the call premium of 24
• $100.00 — The hypothetical Stock Strike Price of $100.00 has been chosen for illustrative purpos
• $180.00 — k Price Stock Return Total Return $180.00 80.00% 24.96% $180.00 80.00%

Filing Documents

• jpm85_424b2-10482.htm (424B2) — 220KB
• ex-filingfees.htm (EX-FILING FEES) — 8KB
• image1.jpg (GRAPHIC) — 6KB
• image3.gif (GRAPHIC) — 9KB
• 0001839882-26-016457.txt ( ) — 344KB
• ex-filingfees_htm.xml (XML) — 2KB

From the Filing

SUPPLEMENT Pricing supplement To prospectus dated April 13, 2023, prospectus supplement dated April 13, 2023, product supplement no. 4-I dated April 13, 2023 and prospectus addendum dated June 3, 2024 Registration Statement Nos. 333-270004 and 333-270004-01 Dated March 19, 2026 Rule 424(b)(2) JPMorgan Chase Financial Company LLC Structured Investments $500,000 Auto Callable Contingent Buffered Equity Notes Linked to the Common Stock of QUALCOMM Incorporated due March 23, 2028 Fully and Unconditionally Guaranteed by JPMorgan Chase & Co. General If the notes are not automatically called, investors will receive the greater of uncapped exposure to any appreciation of the price of one share of the common stock of QUALCOMM Incorporated, and the Contingent Minimum Return of 49.92% at maturity, as compared to the closing price of one share of the Reference Stock on the Strike Date. Investors should be willing to forgo interest and dividend payments and, if the notes are not automatically called and the Final Stock Price is less than the Stock Strike Price by more than 30.00%, be willing to lose some or all of their principal amount at maturity. The notes will be automatically called if the closing price of one share of the Reference Stock is greater than or equal to the Stock Strike Price on the Review Date. The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof Key Terms Issuer: JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. Guarantor: JPMorgan Chase & Co. Reference Stock: The common stock of QUALCOMM Incorporated, par value $0.0001 per share (Bloomberg ticker: QCOM UW). We refer to QUALCOMM Incorporated as "QUALCOMM." Automatic Call: On the Review Date, if the closing price of one share of the Reference Stock is greater than or equal to the Stock Strike Price, the notes will be automatically called for a cash payment plus a call premium amount per note that will be payable on the Call Settlement Date. Payment if Called: If the notes are automatically called, you will receive one payment of $1,000 plus a call premium amount equal to 24.96%. Payment at Maturity: If the notes have not been automatically called and the Final Stock Price is greater than or equal to the Stock Strike Price, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Stock Return, subject to the Contingent Minimum Return. Accordingly, under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 the greater of (i) Stock Return and (ii) the Contingent Minimum Return) If the notes have not been automatically called and the Final Stock Price is less than the Stock Strike Price by up to 30.00%, you will receive the principal amount of your notes at maturity. If the notes have not been automatically called and the Final Stock Price is less than the Stock Strike Price by more than 30.00%, at maturity you will lose 1% of the principal amount of your notes for every 1% that the Final Stock Price is less than the Stock Strike Price. Under these circumstances, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 Stock Return) If the notes are not automatically called and the Final Stock Price is less than the Stock Strike Price by more than 30.00%, you will lose more than 30.00% of your principal amount at maturity and may lose all of your principal amount at maturity. Contingent Minimum Return: 49.92% Contingent Buffer Amount: 30.00% Strike Date: March 18, 2026 Pricing Date: March 19, 2026 Original Issue Date: On or about March 24, 2026 (Settlement Date) Review Date*: March 31, 2027 Call Settlement Date*: April 5, 2027 Ending Averaging Dates*: March 14, 2028, March 15, 2028, March 16, 2028, March 17, 2028 and March 20, 2028 Maturity Date*: March 23, 2028 Other Key Terms: See "Additional Key Terms" in this pricing supplement * Subject to postponement in the event of a market disruption event and as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Underlying (Other Than a Commodity Index)" and "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the acco

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