New Issue: Morgan Stanley prices $645,000 fixed-to-floating rate notes linked to SOFR

By Kiku Steinfeld

Chicago, June 2 – Morgan Stanley Finance LLC priced $645,000 of fixed-to-floating rate notes due Jan. 27, 2026 with a floating-rate based on the SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be fixed at 5% per year for the first year, payable quarterly. After that, quarterly interest will be payable at SOFR, compounded daily over the corresponding quarterly period, plus 100 basis points, subject to a 0.1% interest rate floor.

The payout at maturity will be par.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Fixed-to-floating rate notes
Underlying rate:	SOFR
Amount:	$645,000
Maturity:	Jan. 27, 2026
Coupon:	5% annual rate for first year, payable quarterly; after that, quarterly interest will be payable at SOFR, compounded daily over each quarterly period, plus 100 bps, with minimum interest rate of 0.1% per year
Price:	Par
Payout at maturity:	Par
Pricing date:	Jan. 25, 2023
Settlement date:	Jan. 27, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.6%
Cusip:	61761J5B1

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