JPMorgan plans 10-year fixed-to-floating notes on 10-year CMS rate

By Susanna Moon

Chicago, July 9 – JPMorgan Chase & Co. plans to price fixed-to-floating notes due July 31, 2025, according to an FWP with the Securities and Exchange Commission.

The coupon will be fixed at 3% for the first three years. After that, it will be equal to the 10-year Constant Maturity Swap rate. 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.

The notes will price on July 28 and settle on July 31.

The Cusip number is 48125UTR3.

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