By Jennifer Chiou
New York, April 15 - Morgan Stanley priced $8 million of leveraged callable CMS curve-linked notes April 23, 2024, according to a 424B2 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 rate of 0%. The cap is 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.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Leveraged callable CMS curve-linked notes
|
| Amount: | $8 million
|
| Maturity: | April 23, 2024
|
| Coupon: | 12% per year for first three years; beginning April 23, 2012, interest will be 10 times spread of 10-year CMS rate over two-year CMS rate, with floor of 0%, cap of 20%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning April 23, 2012
|
| Pricing date: | April 13
|
| Settlement date: | April 23
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3%
|
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