By E. Janene Geiss
Philadelphia, Sept. 29 - Morgan Stanley priced $24 million of leveraged callable CMS curve-linked notes due Sept. 30, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
For the first three years, interest will accrue at 10% per year, payable quarterly. After that, interest will equal four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum rate of 15%.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Sept. 30, 2012.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Leveraged callable CMS curve-linked notes
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Amount: | $24 million
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Maturity: | Sept. 30, 2029
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Coupon: | 10% for first three years; then four times the spread of 30-year CMS rate over two-year CMS rate, capped at 15%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates beginning Sept. 30, 2012
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 4%
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