By Toni Weeks
San Diego, June 22 - JPMorgan Chase & Co. priced $27.76 million of fixed-to-floating-rate notes due June 23, 2016 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.25% for the first year. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 50 basis points, subject to a maximum rate of 6%.
Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Fixed-to-floating-rate notes
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Underlying index: | Consumer Price Index
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Amount: | $27,762,000
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Maturity: | June 23, 2016
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Coupon: | 2.25% for one year; after that, year-over-year change in CPI plus 50 bps, capped at 6%, floor of 0%; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 20
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Settlement date: | June 23
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.119%
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Cusip: | 48125XUL8
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