| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for two-year CMS rate > News item |
JPMorgan plans callable fixed-to-floating notes on S&P 500, CMS rates
By Toni Weeks
San Luis Obispo, Calif., June 9 – JPMorgan Chase & Co. plans to price callable fixed-to-floating-rate notes due June 30, 2030 linked to the S&P 500 index, the 10-year Constant Maturity Swap rate and the two-year CMS rate, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 10% for the first year. After that, the coupon will be seven times the spread of the 10-year CMS rate over the two-year rate, subject to a minimum of zero and a maximum interest rate of 10% per year, multiplied by the proportion of days on which the index’s closing level is at least 70% of the initial index level. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning June 30, 2020, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
The notes are expected to price June 25 and settle June 30.
The Cusip number is 48125UTG7.
© 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.