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JPMorgan to sell callable step-up notes with 3.75% initial rate
By Tali Rackner
Norfolk, Va., Aug. 19 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Aug. 31, 2035, according to an FWP filing with the Securities and Exchange Commission.
Initial interest will be 3.75%, stepping up to 4% starting Aug. 31, 2022, to 4.25% starting Aug. 31, 2027, to 5% starting Aug. 31, 2032, to 6% starting Aug. 31, 2033, and to 7.5% starting Aug. 31, 2034. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable on the last calendar day of each February and August, beginning on Aug. 31, 2022.
J.P. Morgan Securities LLC is the agent.
The notes will price on Aug. 27 and settle on Aug. 31.
The Cusip number is 48125UX80.
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