JPMorgan plans callable range accrual CDs on S&P 500, ICE swap rates

By Marisa Wong

Morgantown, W.Va., Oct. 23 – JPMorgan Chase Bank, NA plans to price callable range accrual certificates of deposit due Oct. 26, 2033 linked to the S&P 500 index, the 30-year U.S. dollar ICE swap rate and the two-year U.S. dollar ICE swap rate, according to a term sheet.

Interest will accrue at 6.25% per year for each day that the spread of the 30-year ICE swap rate over the two-year ICE swap rate is greater than or equal to zero and the index closes at or above 75% of its initial level. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning Oct. 26, 2019, the CDs will be callable at par on any quarterly call date.

J.P. Morgan Securities LLC is the agent. Incapital LLC is distributor.

The CDs will price on Oct. 24.

The Cusip number is 48128FZF2.

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