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JPMorgan to offer callable six-month Libor range accrual CDs due 2024
By Susanna Moon
Chicago, Dec. 4 - JPMorgan Chase Bank, NA plans to price callable six-month Libor range accrual certificates of deposit due Dec. 30, 2024, according to a term sheet.
The coupon will be 5.25% for the first year. After that, interest will accrue 5.25% for each day that six-month Libor is 6% or less, with a floor of 0%.
Interest is payable quarterly.
The CDs will be callable at par plus accrued interest on any interest payment date beginning Dec. 30, 2010.
If the CDs are not called, the payout at maturity will be par.
The CDs will settle on Dec. 30.
J.P. Morgan Securities Inc. is the agent.
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