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JPMorgan plans to price callable countdown CMS range accrual CDs
By Angela McDaniels
Tacoma, Wash., Jan. 12 - JPMorgan Chase Bank, NA plans to price callable countdown CMS range accrual certificates of deposit due Jan. 29, 2025, according to a term sheet.
Interest is payable quarterly. The interest rate will equal 7.5% per year multiplied by the proportion of days on which the Constant Maturity Swap rate with the applicable maturity is 6.25% or less, subject to a floor of zero.
The applicable maturity for the CMS rate will initially be 10 years. It will decrease to nine years on Jan. 29, 2016, to eight years on Jan. 29, 2017 and so on until it reaches one year on Jan. 29, 2024.
Beginning Jan. 29, 2011, the CDs are callable at par on any interest payment date.
The CDs are expected to price Jan. 27 and settle Jan. 29.
J.P. Morgan Securities Inc. is the agent. Incapital LLC is the distributor.
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