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Morgan Stanley plans fixed-to-floaters linked to 10-year CMS rate
By Jennifer Chiou
New York, Jan. 27 - Morgan Stanley plans to price fixed-to-floating notes due Feb. 15, 2019 linked to the 10-year Constant Maturity Swap rate, according to an FWP with the Securities and Exchange Commission.
The interest rate will be 4.25% for the first year. Beginning on Feb. 15, 2013, the rate will be equal to the 10-year CMS rate plus 100 basis points, subject to a minimum rate of 4% per year. Interest is payable semiannually.
The payout at maturity will be par.
The notes (Cusip: 61745E6T3) will settle on Feb. 15.
Morgan Stanley & Co. LLC is the agent.
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