New Issue: JPMorgan sells $3.6 million callable step-up notes with 3% initial rate

By Toni Weeks

San Luis Obispo, Calif., Feb. 26 – JPMorgan Chase & Co. priced $3.6 million of callable step-up fixed-rate notes due Feb. 27, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% for the first five years, stepping up to 3.125% on Feb. 27, 2020, to 3.5% on Feb. 27, 2023, to 4% on Feb. 27, 2025 and to 5% on Feb. 27, 2026. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning Feb. 27, 2020, 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 step-up fixed-rate notes
Amount:	$3.6 million
Maturity:	Feb. 27, 2027
Coupon:	3% initially, stepping up to 3.125% on Feb. 27, 2020, to 3.5% on Feb. 27, 2023, to 4% on Feb. 27, 2025 and to 5% on Feb. 27, 2026; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Feb. 27, 2020
Pricing date:	Feb. 24
Settlement date:	Feb. 27
Agent:	J.P. Morgan Securities LLC
Fees:	1.433%, all for selling concessions
Cusip:	48127DQN1

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