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JPMorgan plans callable range accrual floaters tied to S&P 500, Libor
By Toni Weeks
San Luis Obispo, Calif., June 18 – JPMorgan Chase & Co. plans to price callable floating-rate range accrual notes due June 30, 2030 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 equal to the interest factor multiplied by the proportion of days on which the index closes at or above the index reference level, 60% of the initial index level, and Libor is 5% or less. The interest factor will initially be 5%, stepping up to 7.5% on June 30, 2020 and to 10% on June 30, 2025. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning June 30, 2020, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent, with Morgan Stanley Wealth Management as dealer.
The notes are expected to price June 25.
The Cusip number is 48125UTL6.
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