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JPMorgan plans 10-year fixed-to-floating notes on 10-year CMS rate
By Toni Weeks
San Luis Obispo, Calif., Aug. 3 – JPMorgan Chase & Co. plans to price fixed-to-floating notes due Aug. 19, 2025, according to an FWP with the Securities and Exchange Commission.
The coupon will be fixed at 3.25% for the first three years. After that, it will be equal to the 10-year Constant Maturity Swap rate. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
The notes will price Aug. 14 and settle Aug. 19.
The Cusip number is 48125UUE0.
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