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JPMorgan plans range accrual notes tied to S&P 500, six-month Libor
By Toni Weeks
San Diego, Feb. 29 - JPMorgan Chase & Co. plans to price callable range accrual notes due March 16, 2027 linked to the S&P 500 index and six-month Libor, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be accrue at the applicable rate multiplied by the proportion of days on which the index closes at or above 950 and six-month Libor is 6% or less. The rate is 5.5% for the first five years, stepping up to 6.5% on March 16, 2017, to 7.5% on March 16, 2022, to 8.5% on March 16, 2024 and to 10% on March 16, 2026. Interest will be payable quarterly.
The payout at maturity will be par.
After one year, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
The notes (Cusip: 48125VQH6) will price March 13 and settle March 16.
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