By William Gullotti
Buffalo, N.Y., Feb. 21 – JPMorgan Chase Financial Co. LLC priced $2 million of callable floating-rate notes due Feb. 16, 2033 linked to the Consumer Price index and the spread between the 30-year U.S. dollar ICE swap rate and the two-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
At the issuer's option, the notes are callable at par on any monthly redemption date after three years.
For the first two years, the notes will bear interest at CPI plus 125 basis points, subject to a floor of 0%.
After two years, the interest rate will be 20 times the spread of the 30-year U.S. dollar ICE swap rate minus two-year U.S. dollar ICE swap rate, subject to a 10% cap and floor of 0%.
Interest will be reset and payable monthly.
The payout at maturity will be par plus accrued interest.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable floating-rate notes
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| Amount: | $2 million
|
| Underlying rates: | 30-year U.S. dollar ICE swap rate, two-year U.S. dollar ICE swap rate, Consumer Price index
|
| Maturity: | Feb. 16, 2033
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| Coupon: | Prior to and excluding Feb. 16, 2025, CPI plus 125 bps with floor of 0%; starting Feb. 16, 2025, spread of 30-year U.S. dollar ICE swap rate minus two-year U.S. dollar ICE times 20, with 10% ceiling and floor of 0%; all reset and payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
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| Call option: | On any monthly redemption date after three years
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 16
|
| Underwriter: | J.P. Morgan Securities Inc.
|
| Fees: | 5%
|
| Cusip: | 48133U3E0
|
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