By Jennifer Chiou
New York, Nov. 20 – JPMorgan Chase & Co. priced $2.29 million of callable fixed-to-floating notes due Nov. 21, 2029 linked to the 30-year Constant Maturity Swap rate over the two-year CMS rate and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are callable at par on any interest payment date beginning on Nov. 21, 2019.
The interest rate is 9% for the first year. After that, it will accrue at four times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a minimum rate of zero and a maximum rate of 9% per year, for each day that the index closes at or above 75% of its initial level. Interest will be 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.
|
| Issue: | Callable fixed-to-floating notes
|
| Underlyings: | 30-year CMS rate, two-year CMS rate, S&P 500 index
|
| Amount: | $2.29 million
|
| Maturity: | Nov. 21, 2029
|
| Coupon: | 9.5% for first year; after that, 4 times spread of 30-year CMS rate over two-year CMS rate for each day that the index closes at or above 75% of its initial level, capped at 9% with floor of zero; payable quarterly
|
| Price: | Variable
|
| Call: | At par on any interest payment date beginning on Nov. 21, 2019
|
| Payout at maturity: | Par
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 21
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.968%
|
| Cusip: | 48127DPA0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
