New Issue: JPMorgan sells $2.75 billion of notes in two parts

By Cristal Cody

Chicago, Dec. 8 – JPMorgan Chase & Co. priced $2.75 billion of senior notes in two tranches on Tuesday, according to a market source and multiple filings with the Securities and Exchange Commission.

The bank sold $400 million of four-year floating-rate notes at par with a coupon of SOFR plus 60 basis points.

The floating-rate notes come with three years of call protection. The first optional call date is Dec. 10, 2024, and the notes are freely redeemable after Nov. 10, 2025.

JPMorgan additionally sold $2.35 billion of four-year fixed-to-floating rate notes at par. The coupon starts at 1.561% and resets after three years to a floating rate of SOFR plus 60.5 bps.

The notes priced with a spread over the related benchmark Treasury of 60 bps. Talk had been in the 75 bps area.

The series can be optionally redeemed starting June 10, 2022 with a make-whole premium of Treasuries plus 10 bps. Like the first series, the notes can be redeemed at par on Dec. 10, 2024. And, then again, starting after Nov. 10, 2025, the notes are freely redeemable at par before their maturity date.

J.P. Morgan Securities LLC is the bookrunner.

Proceeds will be used for general corporate purposes.

The financial services firm is based in New York.

Issuer:	JPMorgan Chase & Co.
Amount:	$2.75 billion
Issue:	Senior notes
Bookrunner:	J.P. Morgan Securities LLC
Co-managers:	BBVA Securities Inc., BNY Mellon Capital Markets, LLC, ING Financial Markets LLC, Nordea Bank Abp, Scotia Capital (USA) Inc., SG Americas Securities, LLC, Standard Chartered Bank, Westpac Capital Markets LLC, Blaylock Van, LLC, Cabrera Capital Markets LLC, CastleOak Securities, LP, R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC
Trade date:	Dec. 7
Settlement date:	Dec. 10
Distribution:	SEC registered
Floating-rate notes
Amount:	$400 million
Issue:	Floating-rate senior notes
Maturity:	Dec. 10, 2025
Coupon:	SOFR plus 60 bps
Price:	Par
Yield:	SOFR plus 60 bps
Call features:	Callable on Dec. 10, 2024 at par; starting Nov. 10, 2025 callable at par
Cusip:	46647PCS3
Fixed-to-floaters
Amount:	$2.35 billion
Issue:	Fixed-to-floating rate senior notes
Maturity:	Dec. 10, 2025
Coupon:	1.561% initial rate; resets starting Dec. 10, 2024 to SOFR plus 60.5 bps
Price:	Par
Yield:	1.561%
Spread:	Treasuries plus 60 bps
Call features:	Make-whole call starting June 10, 2022 at Treasuries plus 10 bps; callable on Dec. 10, 2024 at par; callable starting Nov. 10, 2025 at par
Price talk:	Treasuries plus 75 bps area
Cusip:	46647PCT1

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