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JPMorgan plans variable income CDs due 2021 on JPMorgan ETF Efficiente
By Marisa Wong
Madison, Wis., Sept. 8 – JPMorgan Chase Bank, NA plans to price variable annual income certificates of deposit due Sept. 30, 2021 linked to the JPMorgan ETF Efficiente 5 index, according to a term sheet.
Interest is payable annually at a rate equal to the index return multiplied by the index factor, subject to a minimum coupon of at least 0%.
The index factor is one divided by the number of coupon determination dates that have occurred to date including the current coupon determination date.
The payout at maturity will be par plus the last coupon payment.
The level of the index reflects the deduction of a fee of 0.5% that accrues daily.
J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.
The CDs are expected to price on Sept. 25 and settle on Sept. 30.
The Cusip number is 48125TXF7.
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