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JPMorgan plans eight-year callable step-up notes with 2% initial rate
By Susanna Moon
Chicago, July 18 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due July 29, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first four years, stepping up to 2.5% on July 29, 2020, to 3% on July 29, 2023 and to 5% on July 29, 2024. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning June 22, 2021.
J.P. Morgan Securities LLC is the agent.
The notes will price on July 27 and settle on July 29.
The Cusip number is 48128GSU5.
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