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JPMorgan plans callable range accrual notes tied to Libor, S&P 500
By Susanna Moon
Chicago, May 15 - JPMorgan Chase & Co. plans to price callable variable-rate range accrual notes due May 31, 2027 linked to six-month Libor and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at 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 1,075. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable on any quarterly interest payment date beginning May 31, 2013.
J.P. Morgan Securities LLC is the agent.
The notes will price on May 25 and settle on May 31.
The Cusip number is 48125VUS7.
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