Published on 6/22/2012 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million fixed-to-floating notes linked to CPI
By Toni Weeks
San Diego, June 22 - Morgan Stanley priced $1 million of fixed-to-floating notes due July 1, 2022 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 5.65% for the first month. After that, it will be equal to the year-over-year change in the Consumer Price Index plus 300 basis points, with a maximum rate of 10% and a minimum rate of zero. Interest is payable monthly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent, and Morgan Stanley Smith Barney LLC will handle distribution.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating notes
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Underlying index: | Consumer Price Index
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Amount: | $1 million
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Maturity: | July 1, 2022
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Coupon: | 5.65% for first month; beginning Aug. 1, year-over-year change in index plus 300 bps, floor of zero, cap of 10%; payable monthly
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Price: | Variable
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Payout at maturity: | Par
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Pricing dates: | June 20
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Settlement date: | June 29
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Agent: | Morgan Stanley & Co. LLC, with Morgan Stanley Smith Barney LLC as distributor
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Fees: | 1.75%
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Cusip: | 61760QBQ6
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