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JPMorgan plans callable accrual CDs linked to six-month Libor, S&P 500
By Marisa Wong
Madison, Wis., Aug. 7 - JPMorgan Chase Bank, NA plans to price callable accrual certificates of deposit due Aug. 22, 2028 linked to six-month Libor and the S&P 500 index, according to a term sheet.
The interest rate will be 6% multiplied by the proportion of days on which six-month Libor is 6% or less and the index closes at or above 80% of the initial level. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning Aug. 22, 2014, the CDs will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
The CDs are expected to price Aug. 19 and settle Aug. 22.
The Cusip number is 48124JZ92.
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