JPMorgan plans five-year CDs on four currencies relative to dollar

By Toni Weeks

San Diego, May 4 - JPMorgan Chase Bank, NA plans to price certificates of deposit due May 31, 2016 linked to an equally weighted basket of four currencies relative to the dollar, according to a term sheet.

The basket is comprised of the Brazilian real, the Australian dollar, the Norwegian krone and the Canadian dollar.

If the ending basket level is at least 95% of the starting basket level, the payout at maturity will be the greater of par plus the basket return multiplied by a participation rate of at least 125% or par plus a 15% contingent minimum return. The exact participation rate will be set at pricing.

Investors will receive a minimum of par should the basket decline more than 5%.

The CDs (Cusip: 48123YYC4) are expected to price May 25 and settle May 31.

J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.

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