By Susanna Moon
Chicago, Feb. 8 - JPMorgan Chase & Co. priced $26.86 million of callable range accrual notes due Feb. 9, 2026 based on the 30-year and 10-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 7% for each day that the difference between the 30-year and 10-year CMS rates is at least zero. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Feb. 9, 2016.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable range accrual notes
|
| Amount: | $26.86 million
|
| Maturity: | Feb. 9, 2026
|
| Coupon: | 7% per day that spread between the 30-year and 10-year CMS rates is at least zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date after five years
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 9
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.836%, with 2.071% for selling concessions
|
| Cusip: | 48125XCA2
|
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