By Marisa Wong
Madison, Wis., April 29 - JPMorgan Chase & Co. priced an additional $10 million of fixed-to-floating rate leveraged CMS curve and S&P 500 index-linked notes due April 30, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $30 million. The initial $20 million principal amount was priced on April 19.
Upon pricing the additional notes, JPMorgan also determined the barrier level. The barrier level was set at 1,188.87, which is 75% of the index closing level on April 25.
The coupon will be 7% for the first two years. 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 the barrier level. 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 S&P 500 index-linked notes
|
| Amount: | $30 million (increased from $20 million)
|
| Maturity: | April 30, 2028
|
| Coupon: | 7% for the first two years; after that, four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate for each day that the index closes at or above barrier level, subject to maximum rate of 7% and floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Barrier level: | 1,188.87, 75% of index closing value on April 25
|
| Pricing date: | April 19 for $20 million, April 25 for $10 million
|
| Settlement date: | April 30
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 3.5%
|
| Cusip: | 48126DS59
|
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