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JPMorgan plans 10-year fixed-to-floating notes on 10-year CMS rate
By Toni Weeks
San Luis Obispo, Calif., June 1 – JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due June 12, 2025, according to an FWP with the Securities and Exchange Commission.
The coupon will be 3% for the first four years. After that it will be equal to 90% of the 10-year Constant Maturity Swap rate, with a minimum rate of 0%. Interest is payable quarterly.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
The notes will price June 10 and settle June 12.
The Cusip number is 48125USZ6.
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