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JPMorgan plans range accrual CDs linked to six-month Libor, Russell
By Marisa Wong
Madison, Wis., Jan. 3 - JPMorgan Chase Bank, NA plans to price callable variable-rate range accrual certificates of deposit due Jan. 23, 2029 linked to six-month Libor and the Russell 2000 index, according to a term sheet.
The coupon will be fixed at 10% for the first year. After that, interest will accrue at two times the strike rate minus six-month Libor up to a maximum rate for each day that the index closes at or above the minimum index level, which will be 770. The strike rate will be 5.5% initially and steps up to 6% on Jan. 23, 2024. The cap will be 11% initially, stepping up to 12% on Jan. 23, 2024.
Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The CDs will be callable at par on any interest payment date beginning Jan. 23, 2015.
J.P. Morgan Securities LLC is the agent. Incapital LLC is distributor.
The CDs will price Jan. 17 and settle Jan. 23.
The Cusip number is 48125TDT9.
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