By Marisa Wong
Madison, Wis., Oct. 22 - JPMorgan Chase & Co. priced $15 million of fixed-to-floating-rate leveraged CMS curve and S&P 500 index-linked notes due Oct. 23, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 9% for the first year. After that, it will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, subject to a maximum rate of 9% per year, multiplied by the proportion of days on which the index's closing level is at least 75% of the initial level. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The issuer said it may increase the size of the issue prior to the settlement date but is not required to do so.
J.P. Morgan Securities LLC is the agent, and distribution is through Morgan Stanley Smith Barney LLC.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Fixed-to-floating-rate leveraged CMS curve and S&P 500 index-linked notes
|
| Amount: | $15 million
|
| Maturity: | Oct. 23, 2028
|
| Coupon: | 9% for first year; after that, four times spread of 30-year CMS rate over two-year CMS rate, subject to minimum of zero and maximum of 9% per year, multiplied by proportion of days on which index closes at or above index reference level; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Index reference level: | 1,308.375, 75% of initial level
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 23
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 3.5%
|
| Cusip: | 48126D7K9
|
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