By Susanna Moon
Chicago, June 12 – JPMorgan Chase & Co. priced $2.5 million of fixed-to-floating notes due June 12, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first four years. After that, it will be 0.9 times the 10-year Constant Maturity Swap rate. Interest will be 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.
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| Issue: | Fixed-to-floating notes
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| Amount: | $2.5 million
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| Maturity: | June 12, 2025
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| Coupon: | 3% initially; beginning June 12, 2019, 0.9 times the 10-year CMS rate; payable quarterly
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| Price: | Variable
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| Payout at maturity: | Par
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| Pricing date: | June 10
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| Settlement date: | June 12
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.4%
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| Cusip: | 48125USZ6
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