By Jennifer Chiou
New York, Nov. 13 - Morgan Stanley priced $3 million of CMS curve and S&P 500 index-linked range accrual notes due Nov. 16, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
Interest equals 10% per year for the first year. Beginning Nov. 16, 2010, interest will accrue at 10% per year for each day that the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate is at least zero and the level of the S&P 500 is at least 775.
Interest is payable quarterly.
The payout at maturity will be par.
Beginning Nov. 16, 2010, the notes are callable at par on any interest payment date.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | CMS curve and S&P 500 index-linked range accrual notes
|
| Amount: | $3 million
|
| Maturity: | Nov. 16, 2029
|
| Coupon: | Initially, 10% per year; beginning Nov. 16, 2010, 10% per year multiplied by proportion of days on which 10-year CMS rate is greater than or equal to two-year CMS rate and S&P 500 is at least 775; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Nov. 16, 2010 onwards
|
| Pricing date: | Nov. 12
|
| Settlement date: | Nov. 16
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
