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JPMorgan plans 30-year fixed-to-floating notes with 0.5% initial rate
By Susanna Moon
Chicago, Oct. 24 – JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due Oct. 29, 2046, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be fixed at 0.5% for the first five years. After that, interest will be Libor plus 20 basis points. Interest will be 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 on Oct. 25 and settle on Oct. 28.
The Cusip number is 46646EX23.
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