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JPMorgan plans callable range CDs linked to six-month Libor
By Susanna Moon
Chicago, Aug. 11 - JPMorgan Chase & Co. plans to sell callable range certificates of deposit due Aug. 27, 2028 linked to the six-month Libor rate, according to a term sheet.
Interest will be payable quarterly and will accrue at 8% per year until Aug. 27, 2009. After that, interest will accrue at 8% per year on the days that six-month Libor is less than or equal to 6.5%.
The CDs are callable at par plus accrued interest on each quarterly redemption date beginning Aug. 27, 2009.
Payout at maturity will be par plus accrued interest.
The CDs will price on Aug. 22.
J.P. Morgan Securities Inc. is the agent.
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