Published on 9/22/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.5 million fixed-to-floaters tied to 10-year CMS rate
By Susanna Moon
Chicago, Sept. 22 – JPMorgan Chase & Co. priced $1.5 million of fixed-to-floating notes due Sept. 22, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first three years. After that, it will be equal to the 10-year Constant Maturity Swap rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Fixed-to-floating notes
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Underlying rate: | 10-year Constant Maturity Swap rate
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Amount: | $1.5 million
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Maturity: | Sept. 22, 2025
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Coupon: | 3% initially; beginning Sept. 22, 2018, 10-year CMS rate; payable quarterly, floor of 0%
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Sept. 17
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Settlement date: | Sept. 22
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.645%
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Cusip: | 48125UY55
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