JPMorgan plans floating-rate notes due 2023 tied to five-year CMS rate

By Toni Weeks

San Luis Obispo, Calif., Aug. 2 - JPMorgan Chase & Co. plans to price floating-rate notes due Aug. 15, 2023 linked to the five-year Constant Maturity Swap rate, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be equal to the five-year CMS rate plus 5 basis points, subject to a minimum rate of zero and a maximum rate of 7% per year. Interest will be payable quarterly.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes will price Aug. 12 and settle Aug. 15.

The Cusip number is 48126D6F1.

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