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JPMorgan plans 15-year callable variable-rate CDs on six-month Libor
By Toni Weeks
San Luis Obispo, Calif., July 26 - JPMorgan Chase Bank, NA plans to price callable variable-rate certificates of deposit due Aug. 12, 2028 linked to six-month Libor, according to a term sheet.
The coupon will be 8% for the first year. After that, interest will be (i) 110% times (ii) the applicable strike rate minus six-month Libor. The strike rate will be 5.7% beginning Aug. 12, 2014, stepping up to 6% on Aug. 12, 2023. The coupon will be subject to a minimum interest rate of 1% and a maximum interest rate, which will be 6.27% beginning Aug. 12, 2014, stepping up to 6.6% on Aug. 12, 2023. Interest is payable quarterly.
The payout at maturity will be par.
The CDs will be callable at par in February, May, August and November of each year beginning Aug. 12, 2014.
The CDs (Cusip: 48124JU97) will price Aug. 7 and settle Aug. 12.
J.P. Morgan Securities LLC is the agent.
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