| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for S&P 500 index > News item |
JPMorgan plans variable-rate range accrual notes tied to Libor, S&P 500
By Susanna Moon
Chicago, April 2 - JPMorgan Chase & Co. plans to price callable variable-rate range accrual notes due April 13, 2027 linked to six-month Libor and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 9% for the first year. After that, interest will accrue at an annualized rate for each day that the S&P 500 closes at or above 950. The interest factor is (a) 1.25 times (b) 7.2% per year minus six-month Libor, up to a maximum rate of 9%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning April 13, 2013.
J.P. Morgan Securities LLC is the agent.
The notes will price on April 10 and settle on April 13.
The Cusip is 48125VUF5.
© 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.