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JPMorgan to price 18-year callable step-up notes with 4% initial rate
By Toni Weeks
San Luis Obispo, Calif., Jan. 29 - JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Feb. 19, 2032, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 4% for the first seven years, stepping up to 4.25% on Feb. 19, 2021, to 4.5% on Feb. 19, 2025 and to 5.5% on Feb. 19, 2029. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Feb. 19, 2021, the notes will be callable at par on any interest payment date.
The notes (Cusip: 48126NUA3) are expected to price Feb. 13 and settle Feb. 19.
J.P. Morgan Securities LLC is the agent.
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