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JPMorgan plans to price fixed-to-floating notes with 2% initial rate
By Marisa Wong
Madison, Wis., July 18 - JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due Aug. 2, 2023, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is 2% for the first year. After that, it will be Libor plus 110 basis points, subject to a minimum rate of 0% and a maximum rate of 7%. Interest is payable quarterly.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
The notes are expected to price on July 30 and settle on Aug. 2.
The Cusip number is 48126D5W5.
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