By Marisa Wong
Madison, Wis., Nov. 19 - JPMorgan Chase & Co. priced $2 million of callable fixed-to-floating notes due Nov. 20, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 10% for the first year. After that, it will be 4 times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 30 basis points, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable fixed-to-floating notes
|
| Amount: | $2 million
|
| Maturity: | Nov. 20, 2028
|
| Coupon: | 10% initially; beginning Nov. 20, 2014, 4 times spread of 30-year CMS rate over five-year CMS rate less 30 bps, capped at 10%; payable quarterly
|
| Price: | Variable
|
| Call option: | At par on any interest payment date beginning Nov. 20, 2014
|
| Payout at maturity: | Par
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 20
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 4%
|
| Cusip: | 48126NTC1
|
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