By Marisa Wong
Madison, Wis., May 16 - JPMorgan Chase & Co. priced $10 million of fixed-to-floating notes due May 17, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 7.5% for the first year. After that, it will be 2.25 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 50 basis points, subject to a minimum rate of 0% and a maximum rate of 10%. Interest is payable quarterly.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Fixed-to-floating notes
|
| Underlying components: | 30-year Constant Maturity swap rate and five-year CMS rate
|
| Amount: | $10 million
|
| Maturity: | May 17, 2028
|
| Coupon: | 7.5% for the first year; after that, 2.25 times the spread of the 30-year CMS rate over two-year CMS rate minus 50 bps, subject to maximum rate of 10% and floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | May 14
|
| Settlement date: | May 17
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2%, all for selling concessions
|
| Cusip: | 48126DV89
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
