Published on 12/20/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $5 million 25-year callable step-up notes with 3% initial rate
By Marisa Wong
Madison, Wis., Dec. 20 - JPMorgan Chase & Co. priced $5 million of callable fixed-rate step-up notes due Dec. 21, 2037, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first five years. It will step up to 3.25% on Dec. 21, 2017, to 3.5% on Dec. 21, 2021, to 3.75% on Dec. 21, 2024, to 4.25% on Dec. 21, 2026, to 5% on Dec. 21, 2028, to 6% on Dec. 21, 2030, to 7% on Dec. 21, 2032 and to 8% on Dec. 21, 2034. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Dec. 21, 2022.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable fixed-rate step-up notes
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Amount: | $5 million
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Maturity: | Dec. 21, 2037
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Coupon: | Initially 3%, stepping up to 3.25% on Dec. 21, 2017, to 3.5% on Dec. 21, 2021, to 3.75% on Dec. 21, 2024, to 4.25% on Dec. 21, 2026, to 5% on Dec. 21, 2028, to 6% on Dec. 21, 2030, to 7% on Dec. 21, 2032 and to 8% on Dec. 21, 2034; payable semiannually
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Price: | Variable
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning Dec. 21, 2022
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Pricing date: | Dec. 18
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Settlement date: | Dec. 21
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Agent: | J.P. Morgan Securities LLC
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Fees: | 4.75%, including 2.85% for selling concessions
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Cusip: | 48126DLW7
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