New Issue: JPMorgan prices $12 million fixed-to-floaters tied to 10-year CMS rate

By Marisa Wong

Morgantown, W.Va., Sept. 17 – JPMorgan Chase & Co. priced $12 million of fixed-to-floating notes due Sept. 18, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4% for the first five years. After that, it will be 93% 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.
Issue:	Fixed-to-floating notes
Underlying rate:	10-year Constant Maturity Swap rate
Amount:	$12 million
Maturity:	Sept. 18, 2030
Coupon:	4% initially; beginning Sept. 18, 2020, 93% times 10-year CMS rate; payable quarterly, floor of 0%
Price:	Par
Payout at maturity:	Par
Pricing date:	Sept. 15
Settlement date:	Sept. 18
Agent:	J.P. Morgan Securities LLC
Fees:	1.917%
Cusip:	48125UY71

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