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JPMorgan plans callable six-month Libor, S&P 500 index accrual CDs
By Angela McDaniels
Tacoma, Wash., Oct. 14 - JPMorgan Chase Bank, NA plans to price callable six-month Libor and S&P 500 index accrual certificates of deposit due Oct. 29, 2025, according to a term sheet.
The coupon will be 4% for the first year. Beginning Oct. 29, 2011, interest will accrue at the specified per-year rate on each day that Libor is 6.5% or less and the S&P 500 closes at or above 900. The per-year rate is 4% in years two through five, 5% in years six through 10 and 6% in years 11 through 15.
Interest is payable quarterly.
The payout at maturity will be par.
The CDs will be callable at par on any interest payment date.
The CDs (Cusip 48123YQL3) are expected to price Oct. 26 and settle Oct. 29.
J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.
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