|
JP Morgan Chase & Co., 6.75% Dep Shares Fixed/Float Non-Cumul Pfd Stock Series S
Ticker Symbol: JPJQL CUSIP: 46625HJQ4 Exchange: TRACE
We know of no way of obtaining a quote for TRACE listed securities.
QUANTUMONLINE.COM SECURITY DESCRIPTION: JP Morgan Chase & Co., 6.75% Depositary Shares, each representing a one-tenth interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S, liquidation preference $1,000 per depositary share, redeemable at the issuer's option on or after 2/1/2024 at $1,000 per depositary share plus declared and unpaid dividends, and with no stated maturity. Fixed non-cumulative distributions of 6.75% per annum ($67.50 per annum or $33.75 per semi-annually) will be paid semi-annually on 2/1 & 8/1 through 2/1/2024, to holders of record on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From 2/1/2024 the non-cumulative distributions will be paid at a floating rate equal to Three-Month LIBOR plus 3.78% per annum, payable quarterly, on 2/1, 5/1, 8/1 & 11/1. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-24 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as Ba1 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Distribution Dates |
15% Tax Rate |
|
FixFloat
$67.50
|
$1,000.00
$1,000.00
|
2/01/2024
None
|
Baa2
BBB-
4/21/2024
|
2/1 & 8/1
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
|
YES
|
Go to Parent Company's Record (JPM)
Notes: April 20, 2023 -- JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) announced today its replacement rate for certain outstanding floating rate and fixed-to-floating rate debt securities and certificates of deposit issued by JPMorgan Chase, JPMorgan Chase Financial Company LLC and JPMorgan Chase Bank, N.A. (the “Issuers”) that are linked to U.S. dollar LIBOR ICE Swap Rates (“USD LIBOR ISR”) of one or more tenors.
In March 2021, the Alternative Reference Rates Committee (“ARRC”) suggested a fallback formula (the “ARRC fallback formula”) for USD LIBOR ISR that consists of using the U.S. dollar SOFR ICE Swap Rate (“USD SOFR ISR”), adding the tenor spread adjustment for 3-month U.S. dollar LIBOR of 0.26161% per annum and applying technical adjustments to account for differences in payment frequency and day count conventions between USD LIBOR and SOFR swaps. On June 8, 2022, the ARRC recommended that calculation agents consider the ARRC fallback formula in determining successor rates for USD LIBOR ISR where a legacy position cannot be proactively converted and its fallback provisions cannot be amended.
In the case of any of the above securities or instruments that permit the calculation agent to select a successor rate following the discontinuation of USD LIBOR ISR, the calculation agent has determined that, for the purposes of calculating any payment on any such securities or instruments that is to be determined using one or more USD LIBOR ISR after June 30, 2023, any such USD LIBOR ISR will be replaced by the USD SOFR ISR for the same tenor as such USD LIBOR ISR, subject to the adjustments, including the 0.26161% per annum tenor spread adjustment, in accordance with the ARRC fallback formula. The issuer does not intend to list the depositary shares or the Preferred Stock on any securities exchange.
|
IPO - 1/14/2014 - 2.00 Million Shares @ $1000.00 /share.
Link to IPO Prospectus
Market Value $2.0 Billion
Company's Online Information Links
|
Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 270 Park Avenue, New York, NY 10017 |
Main Phone Number |
212-270-6000 |
Fax Number |
212-752-4823 |
Investor Relations
Jason Scott
|
212-270-2479
|
Toll Free Phone Number |
866-576-3228 |
CEO - James Dimon |
CFO - Elena Korablina |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|