By Jennifer Chiou
New York, June 23 – JPMorgan Chase & Co. priced $2 million of range accrual floating-rate notes due June 23, 2026 linked to the 10-year Constant Maturity Swap rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at (i) the 10-year CMS rate multiplied by (ii) the proportion of days that the 10-year CMS rate minus the two-year CMS rate is greater than or equal to zero.
Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Range accrual floating-rate notes
|
| Underlyings: | 10-year and two-year CMS rates
|
| Amount: | $2 million
|
| Maturity: | June 23, 2026
|
| Coupon: | Interest accrues at (i) 10-year CMS rate multiplied by (ii) the proportion of days that the 10-year CMS rate minus the two-year CMS rate is greater than or equal to zero, subject to minimum rate of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 18
|
| Settlement date: | June 23
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48126N6W2
|
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