New Issue: JPMorgan prices $615,000 fixed-to-floating notes due 2028 on CMS rates

By Toni Weeks

San Luis Obispo, Calif., April 29 - JPMorgan Chase & Co. priced $615,000 of fixed-to-floating notes due April 30, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 7.75% 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 minus 50 basis points, subject to a minimum rate of 0% and a maximum rate of 7.75%. Interest is payable quarterly.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Fixed-to-floating notes
Underlying components:	30-year Constant Maturity swap rate and five-year CMS rate
Amount:	$615,000
Maturity:	April 30, 2028
Coupon:	7.75% for the first year; after that, four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 50 bps, subject to maximum rate of 7.75% and floor of zero; payable quarterly
Price:	Variable
Payout at maturity:	Par
Pricing date:	April 25
Settlement date:	April 30
Agent:	J.P. Morgan Securities LLC
Fees:	3.256%, all for selling concessions
Cusip:	48126DS67

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