JPMorgan plans callable fixed-to-floaters on 30-, five-year CMS rates

By Susanna Moon

Chicago, March 10 - JPMorgan Chase & Co. plans to price callable fixed-to-floating notes due March 28, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 10.5% for the first year. After that, it will be 5.5 times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 25 basis points, up to a maximum rate of 10.5%. Interest is payable quarterly and cannot be less than zero.

The notes are callable at par on any interest payment date after one year.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes will price on March 25 and settle on March 28.

The Cusip number is 48126N5L7.

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