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JPMorgan to price callable accrual CDs on six-month Libor, Russell
By Toni Weeks
San Diego, March 21 - JPMorgan Chase Bank, NA plans to price callable accrual certificates of deposit due March 30, 2027 linked to six-month Libor and the Russell 2000 index, according to a term sheet.
The CDs pay a coupon of 5% multiplied by the proportion of days on which the index closes at or above 650 and six-month Libor is 6% or less. Interest is payable quarterly.
The CDs are callable at par on March 30, June 30, Sept. 30 and Dec. 30 of each year beginning March 30, 2013.
The payout at maturity will be par.
The CDs (Cusip: 48124JAF5) are expected to settle March 30.
J.P. Morgan Securities LLC will be the agent.
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