JPMorgan plans six-year callable step-up notes with 1.85% initial rate

By Toni Weeks

San Luis Obispo, Calif., June 2 - JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due June 23, 2020, according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be 1.85% for the first four years, stepping up to 3% on June 23, 2018. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning June 23, 2018, the notes will be callable at par on any interest payment date.

The notes (Cusip: 48126N6U6) are expected to price June 18 and settle June 23.

J.P. Morgan Securities LLC is the agent.

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