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JPMorgan plans seven-year fixed-to-floating notes with 3% initial rate
By Angela McDaniels
Tacoma, Wash., March 1 – JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due March 23, 2023, according to a 424B2 filing 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 100 basis points, subject to a maximum interest rate of 3.5% in years three and four, 4% in years five and six and 5% in year seven. 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 March 18.
The Cusip number is 48125U2U5.
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