New Issue: JPMorgan prices $4 million step-up notes due 2026 with 4% initial rate

By Toni Weeks

San Diego, Sept. 7 - JPMorgan Chase & Co. priced $4 million of callable fixed-rate step-up notes due Sept. 8, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 4% for first five years, stepping up to 4.25% on Sept. 8, 2016, to 4.5% on Sept. 8, 2019, to 5% on Sept. 8, 2021, to 6% on Sept. 8, 2023 and to 7.5% on Sept. 8, 2025. Interest is payable semiannually.

The payout at maturity will be par.

After five years, the notes will be callable at par on any interest payment date.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable fixed-rate step-up notes
Amount:	$4 million
Maturity:	Sept. 8, 2026
Coupon:	4% for first five years, stepping up to 4.25% on Sept. 8, 2016, to 4.5% on Sept. 8, 2019, to 5% on Sept. 8, 2021, to 6% on Sept. 8, 2023 and to 7.5% on Sept. 8, 2025; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	At par on interest payment dates starting Sept. 8, 2016
Pricing date:	Sept. 2
Settlement date:	Sept. 8
Agent:	J.P. Morgan Securities LLC
Fees:	3.855%, including 2.313% for selling concessions
Cusip:	48125XW51

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