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JPMorgan plans callable step-up notes due 2023 at 2.375% initial rate
By Wendy Van Sickle
Columbus, Ohio, Oct. 20 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Oct. 30, 2023, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 2.375% in years one through four, stepping up to 3% on Oct. 30, 2019, to 3.5% on Oct. 30, 2021, to 5% on Oct. 30, 2022 and to 6.5% on April 30, 2023. Interest will be payable semiannually.
The payout at maturity will be par of $1,000.
Beginning Oct. 30, 2019, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
The notes will price on Oct. 28 and settle on Oct. 30.
The Cusip number is 48125UZ70.
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