JPMorgan plans fixed-to-floating notes due 2023 linked to CMS rates

By Angela McDaniels

Tacoma, Wash., July 9 - JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due July 24, 2023 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 7% for the first year. Beginning July 24, 2014, it will be (a) 4 to 4.25 times (b) the spread of the 30-year CMS rate over the five-year CMS rate minus 25 basis points, subject to a minimum rate of zero and a maximum rate of 7% per year. The exact multiplier will be set at pricing. Interest will be payable quarterly.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes will price July 19 and settle July 24.

The Cusip number is 48126D5Q8.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.