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JPMorgan plans callable step-up notes due 2033 with 3.5% initial rate
By Angela McDaniels
Tacoma, Wash., May 28 - JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due June 12, 2033, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 3.5% in years one through 10, 4% in years 11 and 12, 4.25% in years 13 and 14, 4.5% in years 15 and 16, 5% in years 17 and 18, 6% in year 19 and 7% in year 20. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning June 12, 2023, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
The notes are expected to price June 7 and settle June 12.
The Cusip number is 48126DW47.
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