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JPMorgan to price fixed-to-floaters tied to CPI with 1% initial rate
By Marisa Wong
Madison, Wis., July 23 - JPMorgan Chase & Co. plans to price fixed-to-floating notes due July 31, 2020 linked to the Consumer Price Index, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is 1% for the first two years. After that it will be 1.2 times the year-over-year change in the index, subject to a minimum rate of 0%. Interest is payable monthly.
The payout at maturity will be par.
The notes (Cusip: 48126D5X3) are expected to price on July 26 and settle on July 31.
J.P. Morgan Securities LLC is the underwriter.
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