Chicago, Feb. 9 – JPMorgan Chase Financial Co. LLC priced $1.45 million of callable fixed-to-floating rate notes due April 21, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
Interest will be fixed at 5.75% for the first year.
After that, it will be five times the spread of the 30-year U.S. dollar ICE swap rate minus the five-year U.S. dollar ICE swap rate minus 25 basis points, up to a maximum rate of 7%. Interest is payable quarterly and cannot be less than 0%.
The notes are callable at par plus any accrued and unpaid interest on any quarterly interest payment date after one year.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Callable fixed-to-floating rate notes
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Underlying rates: | 30-year U.S. Dollar ICE swap rate and five-year U.S. Dollar ICE swap rate
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Amount: | $1,445,000
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Maturity: | April 21, 2031
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Coupon: | Initially 5.75%; beginning April 20, 2022, five times the spread of the 30-year U.S. Dollar ICE swap rate minus the five-year U.S. Dollar ICE swap rate minus 25 bps, up to a maximum rate of 7%; payable monthly, floor of 0%
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Price: | Par
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Payout at maturity: | Par
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Call: | At the issuer’s option at par plus any accrued and unpaid interest on any quarterly review date after one year
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Pricing date: | April 16
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Settlement date: | April 20
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.8934%
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Cusip: | 48130UVS1
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