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JPMorgan plans 15-year variable-rate range accrual CDs tied to Russell
By Susanna Moon
Chicago, June 26 - JPMorgan Chase Bank, NA plans to price callable variable-rate range accrual certificates of deposit due July 10, 2028 linked to six-month Libor and the Russell 2000 index, according to a term sheet.
Interest will accrue at a rate up to a cap for each day that the index closes at or above 700. Interest will be payable quarterly and cannot be less than zero.
The rate will be two times the strike rate minus six-month Libor. The strike rate will be 5% for the first five years, stepping up to 5.5% on July 10, 2018 and to 6% on July 10, 2023. The rate cap will be 10% initially, rising to 11% on July 10, 2018 and to 12% on July 10, 2023.
The payout at maturity will be par.
The CDs will be callable at par on any interest payment date beginning July 10, 2014.
J.P. Morgan Securities LLC is the agent.
The CDs will settle on July 10.
The Cusip number is 48124JM62.
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