Morgan Stanley plans fixed-to-floating notes tied to 10-year CMS rate

By Toni Weeks

San Luis Obispo, Calif., March 12 - Morgan Stanley plans to price fixed-to-floating notes due March 28, 2028, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 5% for the first year. After that it will be equal to the 10-year Constant Maturity Swap rate, subject to a maximum interest rate of 7% per year in each interest period. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 61760QCM4) are expected to settle March 28.

Morgan Stanley & Co. LLC will be the agent with Morgan Stanley Smith Barney LLC as distributor.

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