JPMorgan to price fixed-to-floating notes with 4.25% initial rate

By Toni Weeks

San Diego, Nov. 3 - JPMorgan Chase & Co. plans to price fixed-to-floating notes due Nov. 16, 2018, according to an FWP filing with the Securities and Exchange Commission.

The interest rate is 4.25% for the first year. After that it will be equal to Libor plus 125 basis points, subject to a maximum rate of 6.5% in each interest period.

Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes (Cusip: 48125VCB4) are expected to price Nov. 10 and settle Nov. 16.

J.P. Morgan Securities LLC will be the agent.

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