By Sarah Lizee
Olympia, Wash., June 19 – Morgan Stanley priced $10 million of fixed-to-floating notes due June 29, 2023 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 4% until June 29, 2020. After that, the interest rate will be equal to the 10-year U.S. dollar ICE swap rate, subject to a minimum interest rate of 0.25%. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
|
| Underlying rate: | 10-year U.S. dollar ICE swap rate
|
| Amount: | $10 million
|
| Maturity: | June 29, 2023
|
| Coupon: | 4% until June 29, 2020; after that, equal to the 10-year U.S. dollar ICE swap rate, subject to a 0.25% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 15
|
| Settlement date: | June 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | None
|
| Cusip: | 61760QLJ1
|
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