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JPMorgan plans fixed-to-floating CDs due 2019 with 1.25% initial rate
By Toni Weeks
San Luis Obispo, Calif., Aug. 6 – JPMorgan Chase Bank, NA plans to price fixed-to-floating-rate certificates of deposit due Aug. 25, 2019, according to a term sheet.
The interest rate will be 1.25% for the first three years. After that, the interest rate will be Libor plus 25 basis points, subject to a maximum coupon of 3.25% and a minimum rate of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
The CDs (Cusip: 48125TVR3) are expected to price Aug. 20 and settle Aug. 25.
J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.
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