Published on 5/4/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.23 million callable step notes with 1.75% start rate
By Susanna Moon
Chicago, May 4 – JPMorgan Chase & Co. priced $1.23 million of callable step-up fixed-rate notes due April 29, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 1.75% for the first two years, stepping up to 2% on April 29, 2018, to 3% on April 29, 2020, to 4% on April 29, 2021 and to 5% on Oct. 29, 2021. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after two years.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable step-up fixed-rate notes
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Amount: | $1,227,000
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Maturity: | April 29, 2022
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Coupon: | 1.75% for two years, stepping up to 2% on April 29, 2018, to 3% on April 29, 2020, to 4% on April 29, 2021 and to 5% on Oct. 29, 2021; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning April 29, 2018
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Pricing date: | April 26
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Settlement date: | April 29
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.75%
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Cusip: | 48128GSS0
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