By Sarah Lizee
Olympia, Wash., Sept. 24 – JPMorgan Chase & Co. priced $50 million of fixed-to-floating rate notes due Sept. 24, 2028 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 5% initially. Beginning Sept. 24, 2020, interest will be equal to the 10-year ICE swap rate plus 10 basis points. Interest is payable quarterly and cannot be less than zero.
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 rate: | 10-year U.S. dollar ICE swap rate
|
| Amount: | $50 million
|
| Maturity: | Sept. 24, 2028
|
| Coupon: | 5% initially; beginning Sept. 24, 2020, equal to the 10-year ICE swap rate plus 10 bps, subject to 0% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | Non-callable
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 24
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48128GV64
|
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