Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers 1 > Headlines for 10-year Constant Maturity Sifma Municipal Swap rate > News item |
Morgan Stanley plans nine-year capped, floored floaters on CMS Sifma
By Toni Weeks
San Diego, March 1 - Morgan Stanley plans to price senior floating-rate notes due March 2020 linked to the 10-year Constant Maturity Sifma Municipal Swap rate, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly and will equal the reference rate plus 50 basis points, subject to a minimum interest rate of 3% and a maximum interest rate of 9% per year.
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 in general.
The payout at maturity will be par plus accrued interest.
Morgan Stanley & Co. Inc. is the agent.
The notes (Cusip: 61745E4X6) will price and settle in March.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.