JPMorgan plans fixed-to-floating CDs linked to Consumer Price Index

By Angela McDaniels

Tacoma, Wash., July 28 - JPMorgan Chase Bank, NA plans to price fixed-to-floating-rate certificates of deposit due Aug. 10, 2020 linked to the Consumer Price Index, according to a term sheet.

The coupon will be 1.25% for the first year. Beginning Aug. 10, 2012, the rate will equal the year-over-year change in the Consumer Price Index plus 40 basis points, subject to a maximum rate of 5%. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

The CDs (Cusip: 48123YJ49) will settle Aug. 10.

J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.

© 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.