By Angela McDaniels
Tacoma, Wash., Sept. 14 - JPMorgan Chase & Co. priced $3 million of callable leveraged capped floating-rate notes due Sept. 15, 2025 linked to the 10-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 9% for the first year. After that, the coupon will equal four times the spread of the 10-year CMS rate over the two-year CMS rate minus 0.125%, subject to a cap of 9%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning Sept. 15, 2015.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable leveraged capped floating-rate notes
|
| Amount: | $3 million
|
| Maturity: | Sept. 15, 2025
|
| Coupon: | 9% for first year; after that, four times the spread of the 10-year CMS rate over the two-year CMS rate minus 0.125%, with a floor of zero and cap of 9%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Sept. 15, 2015 onward
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 15
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 3.489%, including 2.306% for selling concessions
|
| Cusip: | 48124AZW0
|
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