JPMorgan plans 10-year fixed-to-floating notes with 4% initial rate

By Toni Weeks

San Diego, Feb. 7 - JPMorgan Chase & Co. plans to price 10-year fixed-to-floating-rate notes due Feb. 25, 2021 linked to the Consumer Price Index, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 4% for the first two years. Beginning Feb. 25, 2013, interest will be calculated as the lesser of 2% plus the lagging year-over-year change in the index and 8%, the maximum interest rate. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

The notes (Cusip: 48125XEH5) are expected to price Feb. 22 and settle Feb. 25.

J.P. Morgan Securities LLC is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.