By Sarah Lizee
Olympia, Wash., Jan. 30 – Morgan Stanley priced $3 million of fixed-to-floating notes due Jan. 31, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 4.15% for the first two years. After that, it will equal the 10-year U.S. dollar ICE swap rate with a floor of 0.25%. Interest is payable quarterly.
The payout at maturity will be par.
The company said the principal amount may be increased prior to the issue date, but it is not required to do so.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Fixed-to-floating notes
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| Amount: | $3 million (may be increased prior to settlement date)
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| Maturity: | Jan. 31, 2028
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| Coupon: | 4.15% initially; from Jan. 31, 2020, 10-Year U.S. dollar ICE swap rate, subject to 0.25% floor; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fee: | 1.5%
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| Cusip: | 61760QKW3
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