By Susanna Moon
Chicago, March 27 - JPMorgan Chase & Co. priced $7 million of floating-rate notes due March 28, 2029 linked to the 30-year Constant Maturity Swap rate over the five-year CMS rate, 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 accrue at 5.5 times the spread of the 30-year CMS rate over the five-year CMS rate minus 25 basis points, up to a maximum coupon of 10.5%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par on any quarterly call date after one year.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Floating-rate notes
|
| Underlying: | 30-year CMS rate, five-year CMS rate
|
| Amount: | $7 million
|
| Maturity: | March 28, 2029
|
| Coupon: | 10.5% initially; beginning March 28, 2015, 5.5 times spread of 30-year CMS rate over the five-year CMS rate less 25 bps, capped at 10.5%; payable quarterly
|
| Price: | Par
|
| Call option: | At par on any quarterly call date beginning March 28, 2015
|
| Payout at maturity: | Par
|
| Pricing date: | March 25
|
| Settlement date: | March 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2%
|
| Cusip: | 48126N5L7
|
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