JPMorgan to sell callable variable-rate CDs tied to six-month Libor

By Marisa Wong

Madison, Wis., July 20 - JPMorgan Chase Bank, NA plans to price callable variable-rate certificates of deposit due July 29, 2026 linked to six-month Libor, according to a term sheet.

The coupon will be 7% for the first year. After that, the rate will be 1.25 times the difference of 5.6% minus six-month Libor, subject to a minimum rate of 1% and a maximum rate of 7%. Interest is payable quarterly.

The payout at maturity will be par.

The CDs will be callable at par on any interest payment date after one year.

The CDs (Cusip: 48123YH82) are expected to settle on July 29.

J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.

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