JPMorgan plans 20-year fixed-to-floaters linked to CMS rates, Russell

By Susanna Moon

Chicago, June 19 – JPMorgan Chase & Co. plans to price fixed-to-floating notes due June 30, 2034 linked to the 30-year Constant Maturity Swap rate, the two-year Constant Maturity Swap rate and the Russell 2000 index, according to an FWP with the Securities and Exchange Commission.

The coupon will be fixed at 10% for the first year. After that, it will accrue at 4 times the spread of the 30-year CMS rate over the two-year CMS rate for each day that the index closes at or above the barrier level, 72.5% of the initial level, up to a maximum rate of 10%. Interest will be payable monthly and cannot be less than zero.

The payout at maturity will be par.

J.P. Morgan Securities LLC is the agent.

The notes will price on June 25 and settle on June 30.

The Cusip number is 48126N7B7.

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