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JPMorgan plans range accrual notes tied to six-month Libor, S&P 500
By Susanna Moon
Chicago, Feb. 2 - JPMorgan Chase & Co. plans to price range accrual notes due Feb. 28, 2027 linked to the six-month Libor rate and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at an annualized rate of 6.5% for each day that six-month Libor is 6% or less and the closing level of the S&P 500 index is at least 890. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable on any quarterly interest payment date beginning Feb. 28, 2013.
J.P. Morgan Securities LLC is the agent, and Morgan Stanley Smith Barney LLC will handle distribution.
The notes will price on Feb. 23 and settle on Feb. 28.
The Cusip number is 48125VLD0.
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