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JPMorgan plans callable step-up notes due 2032 with 3.75% initial rate
By Jennifer Chiou
New York, June 11 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due June 25, 2032, according to an FWP with the Securities and Exchange Commission.
The coupon will initially be 3.75%, stepping up to 3.875% on June 25, 2021, to 4% on June 25, 2025, to 5% on June 25, 2028, to 6% on June 25, 2030 and to 8% on June 25, 2031. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on June 25 or Dec. 25 of each year beginning June 25, 2021.
The notes (Cusip: 48126N6Y8) are expected to price on June 20 and settle on June 25.
J.P. Morgan Securities LLC is the underwriter.
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