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JPMorgan plans callable accrual CDs linked to Euro Stoxx 50, CMS rates
By Susanna Moon
Chicago, May 11 – JPMorgan Chase Bank, NA plans to price callable accrual certificates of deposit due May 29, 2030 linked to the Euro Stoxx 50 index, the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a term sheet.
Interest will accrue at a rate for each day that the spread of the 30-year CMS rate over the two-year CMS rate is at least zero and the index closes at or above the 75% barrier level. Interest will be payable quarterly.
The interest rate will be 4.25% for the first five years, stepping up to 5% for the next five years and to 6% after that.
The payout at maturity will be par.
Beginning Oct. 17, 2015, the CDs will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent. Incapital LLC is distributor.
The CDs will price on May 27 and settle on May 29.
The Cusip number is 48125YDF8.
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