JPMorgan plans 10-year fixed-to-floating notes with 4.5% initial rate

By Susanna Moon

Chicago, Aug. 27 - JPMorgan Chase & Co. plans to price fixed-to-floating notes due Sept. 11, 2023, according to an FWP filing with the Securities and Exchange Commission.

Interest will be 4.5% for the first year. After that, it will be Libor plus 100 basis points, up to a maximum rate of 7%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes will price on Sept. 6 and settle on Sept. 11.

The Cusip number is 48126D6T1.

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