JPMorgan plans 20-year callable step-up notes with 4% initial coupon

By Jennifer Chiou

New York, Oct. 21 - JPMorgan Chase & Co. plans to price callable fixed-rate step-up notes due Nov. 8, 2030, according to an FWP with the Securities and Exchange Commission.

The coupon will be 4% for the first five years. After that, the rate will be 5% for years six through 10, rising to 6% until maturity. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Nov. 8, 2020.

The notes (Cusip: 48124AU47) will price on Nov. 3 and settle on Nov. 8.

J.P. Morgan Securities LLC is the underwriter.

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