JPMorgan plans callable accrual CDs linked to six-month Libor, Russell

By Marisa Wong

Madison, Wis., Oct. 8 – JPMorgan Chase Bank, NA plans to price callable accrual certificates of deposit due Oct. 22, 2029 linked to six-month Libor and the Russell 2000 index, according to a term sheet.

Interest will accrue for each day that six-month Libor is at or below the maximum rate and the index closes at or above 850.

The Libor cap will be 4.5% for the first five years, stepping up to 5.5% on Oct. 22, 2019 and to 6% on Oct. 22, 2024.

The interest factor is 5% for the first five years, stepping up to 6% on Oct. 22, 2019 and to 7% on Oct. 22, 2024

Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The CDs will be callable at par on any interest payment date beginning Oct. 22, 2015.

J.P. Morgan Securities LLC is the agent.

The CDs will price on Oct. 17 and settle on Oct. 22.

The Cusip number is 48125TYQ2.

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