JPMorgan plans callable step-up notes due 2022 with 1.5% initial rate

By Tali Rackner

Norfolk, Va., Oct. 28 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Nov. 6, 2022, according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be 1.5% for the first two years, stepping up to 1.75% on Nov. 6, 2017, to 2% on May 6, 2018, to 2.25% on Nov. 6, 2018, to 2.5% on May 6, 2019, to 3% on Nov. 6, 2019, to 3.75% on May 6, 2020, to 4.5% on Nov. 6, 2020, to 5% on May 6, 2021, to 5.5% on Nov. 6, 2021, and to 7.5% on May 6, 2022. Interest will be payable semiannually.

The payout at maturity will be par of $1,000.

Beginning Oct. 30, 2022, the notes will be callable at par on any interest payment date.

J.P. Morgan Securities LLC is the agent.

The notes will price on Nov. 4 and settle on Nov. 6.

The Cusip number is 48125UZ96.

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