Morgan Stanley changes maturity of floaters linked to 10-year CMS Sifma

By Angela McDaniels

Tacoma, Wash., Jan. 31 - Morgan Stanley changed the maturity of its upcoming floating-rate notes linked to the 10-year Constant Maturity Sifma Municipal Swap rate, according to an FWP filing with the Securities and Exchange Commission.

The notes are now expected to mature in February 2020 instead of February 2019.

Interest is payable quarterly and equals the reference rate plus 50 basis points, subject to a minimum rate of 3%.

The reference rate was first published on Jan. 20 and is based on the projected long-term interest rates on tax-exempt municipal bonds as well as long-term interest rates generally.

The payout at maturity will be par.

The notes (Cusip: 61745E4R95) will price and settle in February.

Morgan Stanley & Co. Inc. is the agent.

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