By Marisa Wong
Madison, Wis., July 2 – JPMorgan Chase & Co. priced $10 million of callable fixed-to-floating notes due July 3, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are callable at par on any interest payment date after one year.
Interest will be fixed at 9.5% for the first year. After that, it will be 4 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 25 basis points, up to a maximum rate of 9.5%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Callable fixed-to-floating notes
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| Amount: | $10 million
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| Maturity: | July 3, 2034
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| Coupon: | 9.5% for first year; after that, 4 times spread of 30-year CMS rate over two-year CMS rate less 25 bps, capped at 9.5%; payable quarterly
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| Price: | Variable
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| Call option: | At par on any interest payment date beginning July 3, 2015
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| Payout at maturity: | Par
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| Pricing date: | June 30
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| Settlement date: | July 3
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.05%
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| Cusip: | 48126N7A9
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