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JPMorgan plans 15-year range accrual CDs linked to Libor, S&P 500
By Jennifer Chiou
New York, March 2 - JPMorgan Chase Bank, NA plans to price callable variable-rate range accrual certificates of deposit due March 23, 2026 linked to Libor and the S&P 500 index, according to a term sheet.
The coupon will be 8% for the first year. After that, the rate will be two times the difference of 6% minus Libor for each day that the index closes at or above 875, subject to a maximum rate of 12%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The CDs will be callable at par on any interest payment date beginning on March 23, 2012.
The CDs (Cusip: 48123YVT0) are expected to settle on March 23.
J.P. Morgan Securities LLC is the underwriter. Incapital LLC is the distributor.
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