JPMorgan plans 10-year callable step-up notes with 3% initial rate

By Marisa Wong

Madison, Wis., Nov. 5 - JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Nov. 20, 2023, according to an FWP filing with the Securities and Exchange Commission.

Interest will be 3% for the first five years, stepping up to 3.25% on Nov. 20, 2018, to 3.5% on Nov. 20, 2019, to 4% on Nov. 20, 2020, to 4.5% on Nov. 20, 2021 and to 6% on Nov. 20, 2022. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Nov. 20, 2018.

J.P. Morgan Securities LLC is the agent.

The notes (Cusip: 48126NTF4) are expected to price Nov. 15 and settle Nov. 20.

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