JPMorgan plans capped quarterly observation CDs linked to S&P 500

By Sarah Lizee

Olympia, Wash., Dec. 5 – JPMorgan Chase Bank, NA plans to price 0% capped quarterly observation certificates of deposit due Dec. 30, 2022 linked to the S&P 500 index, according to a term sheet.

The payout at maturity will be par plus the sum of the capped quarterly returns, subject to a minimum return of 3%.

The capped quarterly returns will be the return of the index during each quarter of the life of the CDs, subject to a cap that is expected to be at least 4.15% per quarter and will be set at pricing. The return in each quarter will be measured from the beginning of that quarter to the end of that quarter and may be positive or negative.

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

The CDs will price Dec. 21.

The Cusip number is 48128FU59.

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