JPMorgan plans 15-year range accrual CDs linked to Libor, S&P 500

By Marisa Wong

Madison, Wis., May 16 - JPMorgan Chase Bank, NA plans to price callable variable-rate range accrual certificates of deposit due May 31, 2026 linked to 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 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 May 31, 2012.

J.P. Morgan Securities LLC is the underwriter. Incapital LLC is the distributor.

The CDs (Cusip: 48123YZD1) are expected to settle on May 31.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.