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JPMorgan plans callable step-up notes with 4% initial interest rate
By Susanna Moon
Chicago, Aug. 6 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Aug. 27, 2035, according to an FWP filing with the Securities and Exchange Commission.
Interest will be 4% for the first 10 years, stepping up to 4.25% on Aug. 27, 2025, to 4.5% on Aug. 27, 2029, to 5% on Aug. 27, 2033 and to 6% on Aug. 27, 2034. Interest will be payable semiannually.
The payout at maturity will be par plus accrued interest.
The notes will be callable at par on any interest payment date, beginning Aug. 27, 2022.
J.P. Morgan Securities LLC is the agent.
The notes will price on Aug. 24 and settle on Aug. 27.
The Cusip number is 48125UUM2.
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