New Issue: JPMorgan prices $250,000 fixed-to-floating rate notes linked to SOFR

By Kiku Steinfeld

Chicago, March 22 – JPMorgan Chase & Co. priced $250,000 of fixed-to-floating rate notes due Sept. 21, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 1.5% for the first year.

After that, it will be compounded SOFR plus 20 basis points, up to a maximum rate of 3%. Interest is payable quarterly and cannot be less than 0%.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Fixed-to-floating rate notes
Amount:	$250,000
Underlying rates:	SOFR
Maturity:	Sept. 21, 2027
Coupon:	Initially 1.5%; after one year, compounded SOFR plus 20 bps, up to a maximum rate of 3%, floor of 0%; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Sept. 17
Settlement date:	Sept. 21
Agent:	J.P. Morgan Securities LLC
Fees:	0.7%
Cusip:	48128G5J5

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