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JPMorgan plans range accrual notes linked to six-month Libor, S&P 500
By Angela McDaniels
Tacoma, Wash., Sept. 6 - JPMorgan Chase & Co. plans to price range accrual notes due Sept. 13, 2028 linked to six-month Libor and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 7.5% per year multiplied by the proportion of days on which six-month Libor is 6% or less and the index closes at or above 1,240. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Sept. 13, 2018, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
The notes are expected to price Sept. 10 and settle Sept. 13.
The Cusip number is 48126D6Z7.
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