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JPMorgan plans 10-year fixed-to-floating notes on Consumer Price Index
By Susanna Moon
Chicago, Feb. 28 - JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due March 30, 2021 linked to the Consumer Price Index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3.5% for the first two years. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 200 basis points, up to a maximum rate. The cap will be 6% to March 30, 2016, 8% to March 30, 2019 and 9% to March 30, 2021.
Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
The notes will price on March 25 and settle on March 30.
The Cusip is 48125XGD2.
J.P. Morgan Securities LLC is the agent.
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