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

By Marisa Wong

Madison, Wis., Sept. 5 - JPMorgan Chase & Co. plans to price callable fixed-to-floating-rate notes due Sept. 20, 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 8% for the first year. Beginning Sept. 20, 2014, it will be 4 times the spread of the 30-year CMS rate over the five-year CMS rate minus 27.5 basis points, subject to a minimum rate of 0% and a maximum rate of 8% per year. Interest will be payable quarterly.

The payout at maturity will be par.

The notes are callable on any interest payment date beginning Sept. 20, 2018.

J.P. Morgan Securities LLC is the agent.

The notes will price Sept. 17 and settle Sept. 20.

The Cusip number is 48126D6Y0.

© 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.