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JPMorgan plans range accrual notes tied to euro vs. dollar, S&P 500
By Toni Weeks
San Luis Obispo, Calif., Feb. 6 - JPMorgan Chase & Co. plans to price callable range accrual notes due Feb. 28, 2029 linked to the performance of the euro relative to the dollar and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at 7% for each day that (a) the FX rate of the euro against the dollar (the number of dollars per one euro) is less than or equal to the FX strike of 1.55 and (b) the index level is greater than or equal to the index strike of between 73% and 77% of the initial level. The exact index strike will be set at pricing. Interest is payable quarterly.
The payout at maturity will be par plus the last coupon payment, if any.
Beginning Feb. 28, 2019, the notes will be callable at par on any interest payment date.
The notes are expected to price Feb. 25 and settle Feb. 28.
J.P. Morgan Securities LLC is the agent.
The Cusip number is 48126NUE5.
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