Morgan Stanley to price leveraged callable CMS curve-linked notes

By E. Janene Geiss

Philadelphia, April 3 - Morgan Stanley plans to price leveraged callable CMS curve-linked notes due April 23, 2024, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly and will accrue at 12% per year for the first three years. Beginning April 23, 2012, interest will equal 10 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, with a minimum of 0% and a maximum of 20%.

The notes are callable at par on any interest payment date beginning April 23, 2012.

If the notes are not called, the payout at maturity will be par.

The notes are expected to settle on April 23.

Morgan Stanley & Co. Inc. is the agent.

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