JPMorgan plans 15-year range accrual CDs on six-month Libor, S&P 500

By Marisa Wong

Madison, Wis., June 29 - JPMorgan Chase Bank, NA plans to price callable variable-rate range accrual certificates of deposit due July 20, 2026 linked to six-month Libor and the S&P 500 index, according to a term sheet.

The coupon will be 8% for the first year. After that, the rate will equal 1.5 times the difference of 6.25% minus six-month Libor for each day that the index closes at or above 975, up to a maximum rate of 9.375%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The CDs will be callable at par on any interest payment date beginning on July 20, 2012.

The CDs (Cusip: 48123YD94) are expected to settle on July 20.

J.P. Morgan Securities LLC is the underwriter.

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