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JPMorgan plans fixed-to-floating notes due 2023 linked to CMS rates
By Marisa Wong
Madison, Wis., Sept. 5 - JPMorgan Chase & Co. plans to price callable fixed-to-floating-rate notes due Sept. 20, 2023 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 8% for the first year. Beginning Sept. 20, 2014, it will be 4 times the spread of the 30-year CMS rate over the five-year CMS rate minus 27.5 basis points, subject to a minimum rate of 0% and a maximum rate of 8% per year. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are callable on any interest payment date beginning Sept. 20, 2018.
J.P. Morgan Securities LLC is the agent.
The notes will price Sept. 17 and settle Sept. 20.
The Cusip number is 48126D6Y0.
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