By Kiku Steinfeld
Chicago, Dec. 12 – JPMorgan Chase Financial Co. LLC priced $200,000 of callable fixed-to-floating rate notes due April 13, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
The notes are callable at par on any quarterly interest payment date starting April 13, 2024.
Interest will be fixed at 5.5% for the first two years.
After that, the interest will be 4 times the spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate plus 0.15%, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than 1%.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable fixed-to-floating rate notes
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| Amount: | $200,000
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| Underlying rates: | 30-year U.S. Dollar ICE swap rate and two-year U.S. Dollar ICE swap rate
|
| Maturity: | April 13, 2032
|
| Coupon: | 5.5% for first two years; then, 4 times the spread of the 30-year U.S. Dollar ICE swap rate over the two-year U.S. Dollar ICE swap rate plus 0.15%, up to 10% ceiling with a floor of 1%; payable quarterly
|
| Call option: | On any quarterly interest payment date starting April 13, 2024
|
| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | April 11, 2022
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| Settlement date: | April 13, 2022
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.75%
|
| Cusip: | 48133DD98
|
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