JPMorgan plans periodic-income CDs due 2020 on Mozaic Fixed Income

By Toni Weeks

San Luis Obispo, Calif., Feb. 4 - JPMorgan Chase Bank, NA plans to price periodic-income certificates of deposit due Feb. 28, 2020 linked to the J.P. Morgan Mozaic Fixed Income Index (USD), according to a term sheet.

The CDs pay a coupon each February that depends on the performance of the index from the pricing date to the relevant coupon determination date, subject to a floor of 0%.

The coupon rate for each annual coupon payment date will be a percentage equal to the cumulative index return on the applicable coupon determination date multiplied by the index factor for that date. The index factor for a coupon determination date will be one divided by the number of coupon determination dates that have occurred to date, including the current coupon determination date. Interest is payable annually.

The payout at maturity will be par plus the final coupon, if any.

J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.

The CDs will price Feb. 25 and settle Feb. 28.

The Cusip number is 48124JTU2.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.