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JPMorgan plans callable step-up notes with 2.75% initial interest rate
By Angela McDaniels
Tacoma, Wash., Oct. 30 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Nov. 25, 2025, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 2.75% in years one through five, 3.25% in years six and seven, 4.25% in year eight, 5% in year nine and 8% in year 10. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Nov. 25, 2020, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
The notes are expected to price Nov. 20 and settle Nov. 25.
The Cusip number is 48125U2C5.
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