Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for six-month Libor > News item |
JPMorgan plans callable six-month Libor, S&P 500 index accrual CDs
By Marisa Wong
Madison, Wis., Aug. 9 - JPMorgan Chase Bank, NA plans to price callable six-month Libor and S&P 500 index accrual certificates of deposit due Aug. 27, 2025, according to a term sheet.
The coupon will be 5.5% for the first year. For years two through five, interest will accrue at 5.5% per year for each day that six-month Libor is 5% or less and the closing level of the S&P 500 is at least 850. For years six through 10, interest will accrue at 6.5% per year for each day that six-month Libor is 5.5% or less and the S&P 500 remains at or above 850. For years 11 through 15, interest will accrue at 7.5% for each day that six-month Libor is 6.5% or less and the S&P 500 closes at or above 850.
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: 48123YNX0) will settle Aug. 27.
J.P. Morgan Securities Inc. is the agent. Incapital LLC is the distributor.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.