JPMorgan plans 15-year fixed-to-floating CDs tied to six-month Libor

By Toni Weeks

San Diego, June 6 - JPMorgan Chase Bank, NA plans to price callable variable-rate certificates of deposit due June 24, 2026 linked to six-month Libor, according to a term sheet.

The interest rate is 7% for the first year. Beginning June 24, 2012, the rate will equal 1.3 times the difference between 5.7% and six-month Libor, subject to a minimum rate of 1% and a maximum rate of 7.41% per year. Interest will be payable quarterly.

The payout at maturity will be par.

The CDs will be callable at par plus accrued interest on any interest payment date after one year.

The CDs (Cusip: 48123YB70) are expected to settle June 24.

J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.