JPMorgan plans callable step-up notes due 2032 with 3.75% initial rate

By Toni Weeks

San Luis Obispo, Calif., June 10 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due June 23, 2032, according to an FWP filing with the Securities and Exchange Commission.

The coupon will initially be 3.75%, stepping up to 3.875% on June 23, 2021, to 4% on June 23, 2025, to 5% on June 23, 2028, to 6% on June 23, 2030 and to 8% on June 23, 2031. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on June 23 or Dec. 23 of each year beginning June 23, 2021.

J.P. Morgan Securities LLC is the underwriter.

The notes (Cusip: 48126N6Y8) will price June 18 and settle June 23.

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