By Tali Rackner
Norfolk, Va., Nov. 3 – JPMorgan Chase & Co. priced $10.5 million of fixed-to-floating rate notes due Oct. 30, 2020 linked to three-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be fixed at 1.25% for the first year. After that, it will be equal to Libor plus 90 basis points. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Fixed-to-floating rate notes
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Underlier: | Three-month Libor
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Amount: | $10.5 million
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Maturity: | Oct. 30, 2020
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Coupon: | 1.25% initially; beginning Oct. 30, 2016, Libor plus 90 basis points; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.45%
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Cusip: | 48125UZ39
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