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JPMorgan plans callable range accrual CDs on six-month Libor, S&P 500
By Marisa Wong
Madison, Wis., March 9 - JPMorgan Chase Bank, NA plans to price callable variable-rate range accrual CDs due March 16, 2027 linked to six-month Libor and the S&P 500 index, according to a term sheet.
The CDs pay a coupon of 6% for the first year. Beginning March 16, 2013, the interest rate will be the interest factor multiplied by the proportion of days on which the index closes at or above 1,095. The interest factor is (a) 1.1 times (b) 6% minus six-month Libor, subject to a minimum rate of 0% and a maximum rate of 6.6%. Interest is payable quarterly.
The CDs are callable at par after one year.
The payout at maturity will be par.
The CDs (Cusip: 48123Y7S9) are expected to settle March 16.
J.P. Morgan Securities LLC will be the agent.
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