By Angela McDaniels
Tacoma, Wash., May 12 - Morgan Stanley priced $2 million of CMS curve and Russell 2000 index-linked range accrual notes due May 31, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 8.5% for the first two years. Beginning May 31, 2013, the interest rate is 8.5% per year multiplied by 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 Russell 2000 index closes at or above 615. Interest is payable monthly.
The payout at maturity will be par.
The issuer said the issue size may be increased prior to settlement.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | CMS curve and Russell 2000 index-linked range accrual notes
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Amount: | $2 million
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Maturity: | May 31, 2031
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Coupon: | 8.5% for first two years, then 8.5% per year multiplied by proportion of days on which spread of 30-year Constant Maturity Swap rate over two-year CMS rate is at least zero and index closes at or above 615; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 10
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Settlement date: | May 31
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 4%
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Cusip: | 61745ER60
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