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JPMorgan plans fixed-to-floating notes due 2028 linked to CMS rates
By Toni Weeks
San Luis Obispo, Calif., Sept. 26 - JPMorgan Chase & Co. plans to price fixed-to-floating notes due Oct. 9, 2028, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 8% for the first year. After that, it will be 3.5 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, subject to a minimum rate of 0% and a maximum rate of 8%. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 48126D7L7) are expected to price Oct. 4 and settle Oct. 9.
J.P. Morgan Securities LLC is the agent.
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