By Marisa Wong
Madison, Wis., March 28 - JPMorgan Chase & Co. priced $10 million of fixed-to-floating rate leveraged CMS curve and Russell 2000 index-linked notes due March 28, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 7% for the first year. After that, it will be four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate, up to a maximum annualized rate of 7%, for each day that the index closes at or above 660. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent, and Morgan Stanley Smith Barney LLC is the dealer.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Fixed-to-floating leveraged CMS curve and Russell 2000 index-linked notes
|
| Amount: | $10 million
|
| Maturity: | March 28, 2028
|
| Coupon: | 7% for the first year; after that, four times the spread of the 30-year CMS rate over five-year CMS rate for each day index closes at or above 660, subject to maximum rate of 7% and floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 26
|
| Settlement date: | March 28
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 3.5%
|
| Cusip: | 48126DS26
|
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