Published on 11/15/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $9.29 million interest rate spread notes linked to 10-year CMS rate
By Toni Weeks
San Diego, Nov. 15 - JPMorgan Chase & Co. priced $9.29 million of interest rate spread notes due Nov. 15, 2017 linked to the 10-year U.S. Dollar Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay one interest payment equal to (i) 5.1 times (ii) the 10-year CMS rate minus 2%, with a maximum interest rate of 20.4%. Interest is payable at maturity and cannot be less than zero.
The payout at maturity will be par plus the interest payment, if any.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Interest rate spread notes
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Underlying: | 10-year U.S. Dollar Constant Maturity Swap rate
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Amount: | $9,285,000
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Maturity: | Nov. 15, 2017
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Coupon: | The greater of zero and a rate equal to (i) 5.1 times (ii) 10-year CMS rate minus 2%; maximum rate is 20.4%; payable at maturity
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Price: | Par
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Payout at maturity: | Par plus interest payment, if any
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Pricing date: | Nov. 9
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Settlement date: | Nov. 15
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.943%, including 0.25% for selling concessions
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Cusip: | 48126DKL2
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