Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
2024年7月17日 - 2:06AM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration No. 333-263304
Dated: July 15, 2024
Pricing Term Sheet
This term sheet supplements the information set forth under Description of the Notes in the Prospectus Supplement, subject to completion, dated
July 15, 2024 to the Prospectus dated April 11, 2022 (the Preliminary Prospectus Supplement).
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Issuer: |
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JPMorgan Chase & Co. |
Security Type: |
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SEC Registered Senior Notes |
Security: |
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Fixed-to-Floating Rate Notes due 2035 |
Currency: |
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USD |
Size: |
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$3,500,000,000 |
Maturity: |
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July 22, 2035 |
Fixed Rate Period: |
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From and including July 22, 2024 to, but excluding, July 22,
2034 |
Floating Rate Period: |
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From and including July 22, 2034 to, but excluding, Maturity |
Payment Frequency: |
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Semi-annual during the Fixed Rate Period and quarterly during the Floating Rate
Period |
Day Count Fraction: |
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30/360 during the Fixed Rate Period, Actual/360 during the Floating Rate
Period |
Benchmark Treasury: |
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4.375% due May 15, 2034 |
Benchmark Treasury Yield: |
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4.224% |
Spread to Benchmark Treasury: |
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+107 basis points |
Reoffer Yield: |
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5.294% |
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Fixed Rate Coupon: |
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5.294%, payable semiannually in arrears during the Fixed Rate Period. |
Floating Rate Coupon: |
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An annual floating rate equal to the Floating Rate Index plus a spread of 1.460% per
annum, payable quarterly in arrears during the Floating Rate Period. |
Floating Rate Index: |
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Benchmark rate (expected to be Compounded SOFR as described under Description of
the NotesInterest on the notes in the Preliminary Prospectus Supplement). |
Floating Rate Reset Frequency: |
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Quarterly during the Floating Rate Period |
Price to Public: |
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100% of face amount |
Proceeds (Before Expenses) to Issuer: |
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$3,484,250,000 |
Interest Payment Dates: |
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During the Fixed Rate Period, each January 22 and July 22, beginning
January 22, 2025 and including July 22, 2034, and during the Floating Rate Period, each of October 22, 2034, January 22, 2035, April 22, 2035 and July 22, 2035. |
Business Day: |
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New York |
Business Day Convention: |
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During the Fixed Rate Period, following business day. During the Floating Rate Period,
modified following business day. |
Optional Redemption: |
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We may redeem the notes, at our option, in whole at any time or in part from time to
time, on or after January 22, 2025 and prior to July 22, 2034 upon at least 5 days but no more than 60 days notice to holders of the notes, at a redemption price equal to the greater of: (i) (a) the sum of the present
values of the remaining scheduled payments of principal and interest on the notes to be |
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redeemed discounted to the redemption date (assuming the notes matured on July 22,
2034) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest
accrued on those notes to the redemption date; and (ii) 100% of the principal amount of the notes to be redeemed; plus, in either case, accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date. |
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In addition, we may redeem the notes, at our option, in whole, but not in part, on
July 22, 2034 upon at least 5 days but no more than 60 days notice to holders of the notes, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but
excluding, the redemption date. |
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In addition, we may redeem the notes, at our option, in whole at any time or in part
from time to time, on or after April 22, 2035 upon at least 5 days but no more than 60 days notice to holders of the notes, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and
unpaid interest thereon to, but excluding, the redemption date. |
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The foregoing supplements and supersedes the information set forth under
Description of the Notes in the Preliminary Prospectus Supplement. |
CUSIP/ISIN: |
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46647PEK8 / US46647PEK84 |
Trade Date: |
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July 15, 2024 |
Settlement Date: |
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July 22, 2024 (T+5) |
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Denominations: |
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$2,000 x $1,000 |
Concurrent Issuance: |
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In addition to the notes described in this term sheet, JPMorgan Chase & Co. is
concurrently offering $750,000,000 of floating rate notes due 2028, $2,000,000,000 of fixed-to-floating rate notes due 2028 and $2,750,000,000 of fixed-to-floating rate notes due 2030. The consummation of each of these offerings is not contingent on any other offering. |
Sole Bookrunner: |
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J.P. Morgan Securities LLC |
Co-Managers: |
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BMO Capital Markets Corp.
CIBC World Markets Corp.
Commonwealth Bank of Australia
Danske Markets Inc.
Desjardins Securities Inc.
ING Financial Markets LLC
Intesa Sanpaolo IMI Securities Corp.
KeyBanc Capital Markets Inc.
Lloyds Securities Inc.
M&T Securities, Inc.
Mizuho Securities USA LLC
MUFG Securities Americas Inc.
National Bank of Canada Financial Inc.
Nordea Bank Abp PNC Capital
Markets LLC RBC Capital Markets, LLC
Santander US Capital Markets LLC
Scotia Capital (USA) Inc.
SG Americas Securities, LLC
SMBC Nikko Securities America, Inc.
Standard Chartered Bank TD
Securities (USA) LLC U.S. Bancorp Investments, Inc.
Westpac Capital Markets LLC
Bancroft Capital, LLC
Blaylock Van, LLC C.L.
King & Associates, Inc. CastleOak Securities, L.P.
Drexel Hamilton, LLC Falcon
Square Capital LLC |
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Great Pacific Securities
Penserra Securities LLC R.
Seelaus & Co., LLC Roberts & Ryan Investments, Inc.
Samuel A. Ramirez & Company, Inc.
Siebert Williams Shank & Co., LLC
Stern Brothers & Co.
Telsey Advisory Group LLC
Tigress Financial Partners, LLC |
Certain of the underwriters are not U.S. registered
broker-dealers, and will not effect any offers or sales of any notes in the United States unless it is through one or more U.S. registered broker-dealers as permitted by the regulations of the Financial Industry Regulatory Authority, Inc.
Settlement Period: The closing will occur on July 22, 2024 which will be more than
one U.S. business day after the date of this pricing term sheet. Rule 15c6-1 under the Securities Exchange Act of 1934 generally requires that securities trades in the secondary market settle in one business
day, unless the parties to a trade expressly agree otherwise.
JPMorgan
Chase & Co. has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this term sheet relates. Before you invest,
you should read the prospectus in that registration statement, the prospectus supplement and any other documents relating to this offering that JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan
Chase & Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you
the prospectus if you request it by calling collect 1-212-834-4533.
Any disclaimer or other notice that may appear below is not applicable to this
communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.
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