By Angela McDaniels
Tacoma, Wash., March27 – JPMorgan Chase & Co. priced $2 million of leveraged callable CMS curve-linked notes due March 30, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The issuer said it may increase the issue size prior to settlement but is not required to do so.
The coupon is 6% for the first year. After that, it will be 2.2 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, subject to a minimum rate of zero and a maximum rate of 8% per year. Interest is payable quarterly.
The payout at maturity will be par.
Beginning March 30, 2016, the notes will be callable at par on any coupon payment date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Leveraged callable CMS curve-linked notes
|
| Underlying rates: | 30-year and two-year Constant Maturity Swap rates
|
| Amount: | $2 million
|
| Maturity: | March 30, 2025
|
| Coupon: | 6% for first year; after that, 2.2 times spread of 30-year CMS rate over two-year CMS rate, subject to minimum rate of zero and maximum rate of 8% per year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any coupon payment date from March 30, 2016 onward
|
| Pricing date: | March 25
|
| Settlement date: | March 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.5%
|
| Cusip: | 48125UDK5
|
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