JPMorgan to price contingent interest CDs due 2033 linked to S&P 500

By Toni Weeks

San Luis Obispo, Calif., March 6 - JPMorgan Chase Bank, NA plans to price contingent interest certificates of deposit due March 28, 2033 linked to the S&P 500 index, according to a term sheet.

If the index closes at or above the strike level - 75% of the initial index level - on a monthly interest determination date, the notes will pay a 0.33333% coupon that month, which is equivalent to 4% per year. If the index closes below the strike level on the interest determination date, no coupon will be paid that month. Interest is payable monthly.

The payout at maturity will be par plus the final coupon, if any.

The CDs (Cusip: 48124JWE4) are expected to price March 26 and settle March 28.

J.P. Morgan Securities LLC is the agent.

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