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JPMorgan to price callable fixed-to-floaters tied to CMS rates
By Marisa Wong
Madison, Wis., Oct. 29 - JPMorgan Chase & Co. plans to price callable fixed-to-floating notes due Nov. 20, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 10% for the first year. After that, it will be 4 times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 30 basis points, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.
The notes are callable at par on any interest payment date beginning Nov. 20, 2014.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
The notes will price on Nov. 15 and settle on Nov. 20.
The Cusip number is 48126NTC1.
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