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JPMorgan plans eight-year callable step-up notes with 2% initial rate
By Angela McDaniels
Tacoma, Wash., Sept. 2 – JPMorgan Chase & Co. plans to price callable step-up fixed-rate notes due Sept. 20, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Expressed on an annualized basis, the interest rate will be 2% in years one through four, 2.25% in year five, 2.5% in year six, 3% in year seven, 4% in the first half of year eight and 5.5% in the second half of year eight. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Sept. 20, 2020, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
The notes will price Sept. 15.
The Cusip number is 48128GJ50.
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