JPMorgan plans fixed-to-floating notes due 2028 tied to CMS rates

By Marisa Wong

Madison, Wis., April 16 - JPMorgan Chase & Co. plans to price fixed-to-floating notes due April 30, 2028, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 7.75% for the first year. After that, it will be (a) four times (b) the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 50 basis points, subject to a minimum rate of 0% and a maximum rate of 7.75%. Interest is payable quarterly.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes will price on April 25 and settle on April 30.

The Cusip number is 48126DS67.

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