By Marisa Wong
Milwaukee, May 21 - Morgan Stanley priced $1 million of CMS curve and S&P 500 index-linked range accrual notes due May 27, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year. After that, the rate will be 10% per year times the proportion of days on which the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is at least zero and the S&P 500 is at least 950.
Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par on any of the quarterly redemption dates beginning May 27, 2011.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | CMS curve and S&P 500 index-linked range accrual notes
|
| Amount: | $1 million
|
| Maturity: | May 27, 2030
|
| Coupon: | 10% per year for first year; after that, 10% per year times proportion of days on which spread of 30-year CMS rate over two-year CMS rate is at least zero and S&P 500 is at least 950; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any quarterly redemption date beginning May 27, 2011
|
| Pricing date: | May 20
|
| Settlement date: | May 27
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 4%
|
| Cusip: | 61745EJ69
|
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