By Marisa Wong
Madison, Wis., Aug. 17 - JPMorgan Chase & Co. priced $10 million of callable leveraged capped floating-rate notes due Aug. 18, 2025 linked to the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 9% for the first year. After that, the coupon will equal four times the spread of 10-year CMS rate over the two-year CMS rate, subject to a cap of 9%. Interest will be payable quarterly and cannot be less than zero.
The notes are callable at par on any interest payment date beginning Aug. 18, 2015.
The payout at maturity will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable leveraged capped floating-rate notes
|
| Underlying rates: | 10-year CMS, two-year CMS
|
| Amount: | $10 million
|
| Maturity: | Aug. 18, 2025
|
| Coupon: | 9% for first year; after that, four times the spread of the 10-year CMS rate over the two-year CMS rate, with a floor of 0% and cap of 9%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Aug. 18, 2015
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 18
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 4.29%
|
| Cusip: | 48124AXA0
|
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