By Angela McDaniels
Tacoma, Wash., Aug. 30 - JPMorgan Chase & Co. priced $30 million of fixed-to-floating-rate leveraged CMS curve and S&P 500 index-linked notes due Aug. 31, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10% for the first year. After that, it will be five times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate, subject to a maximum rate of 10% per year, multiplied by the proportion of days on which the index's closing level is at least 55% of the initial level. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The issuer said it may increase the size of the issue prior to the settlement date but is not required to do so.
J.P. Morgan Securities LLC is the agent, and distribution is through Morgan Stanley Smith Barney LLC.
Issuer: | JPMorgan Chase & Co.
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Issue: | Fixed-to-floating-rate leveraged CMS curve and S&P 500 index-linked notes
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Amount: | $30 million
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Maturity: | Aug. 31, 2028
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Coupon: | 10% for first year; after that, five times spread of 30-year CMS rate over five-year CMS rate, subject to minimum of zero and maximum of 10% per year, multiplied by proportion of days on which index closes at or above index reference level; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Index reference level: | 896.764, 55% of initial level
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Pricing date: | Aug. 27
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Settlement date: | Aug. 30
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Agent: | J.P. Morgan Securities LLC
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Distribution: | Morgan Stanley Smith Barney LLC
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Fees: | 3.5%
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Cusip: | 48126D6M6
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