By Angela McDaniels
Tacoma, Wash., Aug. 29 – JPMorgan Chase & Co. priced $4 million of range accrual floating-rate notes due Aug. 29, 2024 linked to the 30-year Constant Maturity Swap rate, the 10-year CMS rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is equal to the 10-year CMS rate, subject to a minimum of zero and a maximum of 6.5% per year, multiplied by the proportion of days on which the spread of the 30-year CMS rate over the two-year CMS rate is greater than or equal to zero. Interest is payable quarterly.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Range accrual floating-rate notes
|
| Underlying rates: 30-year, 10-year and two-year Constant Maturity Swap rates
|
| Amount: | $4 million
|
| Maturity: | Aug. 29, 2024
|
| Coupon: | 10-year CMS rate, subject to minimum of zero and maximum of 6.5% per year, multiplied by proportion of days on which spread of 30-year CMS rate over two-year CMS rate is greater than or equal to zero; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 29
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.55%
|
| Cusip: | 48127DNQ7
|
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