On 12 November, J.P. Morgan Chase & Co. (J.P. Morgan Chase) (A-/A2/AA-) launched a new, multi-tranche callable transaction. The forthcoming deal consists of six-year non-call five-year tranches, to come in either or both of floating-to-floating-rate and fixed-to-floating-rate formats, with indicative price guidance of 113 basis points area over swap benchmarks. There will also be a 10.5-year non-call 9.5-year fixed-to-floating-rate note tranche being marketed at 145-150 basis points area over semi-quarterly swap.