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JPMorgan to price 10-year fixed-to-floaters with 3% initial rate
By Jennifer Chiou
New York, Aug. 19 - JPMorgan Chase & Co. plans to price fixed-to-floating notes due Aug. 30, 2021, according to an FWP with the Securities and Exchange Commission.
The interest rate is 3% for the first three years. After that, it will be equal to Libor plus 125 basis points, subject to an annualized maximum rate of 7% and minimum of zero in each interest period.
Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 48125XQ74) are expected to price on Aug. 25 and settle on Aug. 30.
J.P. Morgan Securities LLC is the agent and will pay selling concessions to Morgan Stanley Smith Barney LLC.
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