JPMorgan plans 10-year fixed-to-floating notes with 3% initial rate

By Angela McDaniels

Tacoma, Wash., Oct. 21 – JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due Oct. 30, 2025, according to an FWP with the Securities and Exchange Commission.

The coupon will be fixed at 3% for the first two years. After that, it will be Libor plus 95 basis points. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes will price Oct. 27 and settle Oct. 30.

The Cusip number is 48125UZ88.

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