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Morgan Stanley plans range accrual step up notes linked to S&P 500
By Susanna Moon
Chicago, Sept. 9 - Morgan Stanley plans to price range accrual step up notes due Sept. 30, 2025 based on the performance of the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 6% for the first five years. After that, interest will be the reference rate for each day that the S&P 500 closes at or above 900. The reference rate will be 8% from Sept. 30, 2015 to Sept. 30, 2020 and 12% thereafter. Interest is payable monthly.
The payout at maturity will be par.
The notes will be callable at par on any quarterly redemption date beginning Sept. 30, 2011.
The notes (Cusip 61745EH38) will settle on Sept. 30.
Morgan Stanley & Co. Inc. is the agent.
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