By Wendy Van Sickle
Columbus, Ohio, Aug. 24 – JPMorgan Chase & Co. priced $17.85 million of callable fixed-to-floating rate notes due Aug. 20, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 2% for the first two years. After that, it will be equal to compounded SOFR, up to a maximum rate of 5%. Interest is payable quarterly and cannot be less than 1.2%.
The notes are callable at par plus any accrued interest on any quarterly interest payment date after two years.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable fixed-to-floating rate notes
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Amount: | $17.85 million
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Maturity: | Aug. 20, 2031
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Coupon: | Initially 2%; beginning Aug. 20, 2023, compounded SOFR, up to a maximum rate of 5%; payable quarterly, floor of 1.2%
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Price: | Par
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Payout at maturity: | Par
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Call: | At the issuer’s option at par plus any accrued interest on any quarterly review date after two years
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Pricing date: | Aug. 18
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Settlement date: | Aug. 20
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.2186%
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Cusip: | 48128G4V9
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