JPMorgan to price range accrual floaters linked to three CMS rates

By Angela McDaniels

Tacoma, Wash., Aug. 20 – JPMorgan Chase & Co. plans to price range accrual floating-rate notes due Aug. 29, 2024 linked to the 30-year Constant Maturity Swap rate, the 10-year CMS rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be equal to the 10-year CMS rate, subject to a minimum of zero and a maximum of 6.5% per year, multiplied by the proportion of days on which the spread of the 30-year CMS rate over the two-year CMS rate is greater than or equal to zero. Interest will be payable quarterly.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes are expected to price Aug. 26 and settle Aug. 29.

The Cusip number is 48127DNQ7.

© 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.