By Marisa Wong
Madison, Wis., April 15 - Morgan Stanley priced $15 million of fixed-to-floating notes due April 15, 2026 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The issuer priced $1 million of the notes on March 25 and an additional $14 million of the notes on April 14.
The coupon will be 10% for the first year. After that, the rate will be equal to the 10-year CMS rate plus 150 basis points, capped at eight times the spread of the 30-year CMS rate over the two-year CMS rate. Interest is payable quarterly.
The payout at maturity will be par plus accrued interest.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $15 million, increased from $1 million
|
| Maturity: | April 15, 2026
|
| Coupon: | 10% for the first year; after that, 10-year CMS rate plus 150 bps, capped at eight times the spread of the 30-year CMS rate over the two-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 25 for $1 million; April 14 for $14 million
|
| Settlement date: | April 15
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3.5%
|
| Cusip: | 61745EE49
|
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