By Wendy Van Sickle
Columbus, Ohio, Feb. 17 – JPMorgan Chase & Co. priced $1.75 million of fixed-to-floating rate notes due Sept 22, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 2% for the first year.
After that, it will be compounded SOFR plus 50 basis points, up to a maximum rate of 5%. 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.
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| Issue: | Fixed-to-floating rate notes
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| Amount: | $1.75 million
|
| Underlying rates: | SOFR
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| Maturity: | Aug. 15, 2029
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| Coupon: | Initially 2%; after one year, compounded SOFR plus 50 bps, up to a maximum rate of 5%, floor of 0%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | Feb. 11
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| Settlement date: | Feb. 15
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.75%
|
| Cusip: | 48128G6B1
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