Published on 7/2/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $25 million fixed-to-floaters with 1.125% initial rate
By Angela McDaniels
Tacoma, Wash., July 2 - JPMorgan Chase & Co. priced $25 million of fixed-to-floating-rate notes due June 4, 2018, according to a 424B8 filing with the Securities and Exchange Commission.
The interest rate is 1.125% for the first year. After that, it will be Libor plus 50 basis points, subject to a minimum rate of 0.5% per year and a maximum rate of 3.75% per year. Interest is payable quarterly.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Fixed-to-floating-rate notes
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Amount: | $25 million
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Maturity: | June 4, 2018
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Coupon: | 1.125% initially; beginning June 4, 2014, Libor plus 50 bps, subject to minimum rate of 0.5% per year and maximum rate of 3.75% per year; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 24
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Settlement date: | June 4
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.425%
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Cusip: | 48126DW39
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