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JPMorgan plans callable step-up fixed-rate notes with 5% initial rate
By Toni Weeks
San Diego, March 23 - JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due March 29, 2031, according to an FWP with the Securities and Exchange Commission.
The coupon is initially 5%. It will step up to 5.5% on March 29, 2018 and to 6% on March 29, 2024. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning March 29, 2021.
The notes (Cusip: 48125XKP0) are expected to price March 24 and settle March 29.
J.P. Morgan Securities LLC is the agent.
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