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JPMorgan plans variable-rate range accrual CDs tied to Libor, Russell
By Angela McDaniels
Tacoma, Wash., May 2 - JPMorgan Chase Bank, NA plans to price callable variable-rate range accrual certificates of deposit due May 17, 2027 linked to Libor and the Russell 2000 index, according to a term sheet.
The interest rate will be 6.5% for the first year. After that, the rate will equal the interest factor multiplied by the proportion of days on which index closes at or above 630. The interest factor will be (a) 11 times (b) 6% minus Libor. The interest factor cannot be less than zero or more than 6.6% per year. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning May 17, 2013, the CDs will be callable at par on any interest payment date.
The CDs (Cusip: 48124JDD7) are expected to price May 14 and settle May 17.
J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.
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