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JPMorgan plans callable range accrual notes tied to Libor, S&P 500
By Susanna Moon
Chicago, Feb. 16 - JPMorgan Chase & Co. plans to price callable variable-rate range accrual notes due Feb. 28, 2027 linked to the Libor rate and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 8% for the first year. After that, interest will equal 1.2 times the difference of 7% minus the Libor rate for each day that the closing level of the S&P 500 index is at least 895, up to a maximum rate of 8.4%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable on any quarterly interest payment date beginning Feb. 28, 2013.
J.P. Morgan Securities LLC is the agent.
The notes will price on Feb. 23 and settle on Feb. 28.
The Cusip number is 48125VLJ7.
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