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

By Angela McDaniels

Tacoma, Wash., March 17 – Morgan Stanley plans to price fixed-to-floating-rate notes due March 27, 2025 linked to the 10-year Constant Maturity Swap rate, according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be 2.5% for the first two years. After that, the interest rate will be equal to the 10-year CMS rate, subject to a minimum rate of 1.5% per year and a maximum rate of 7% per year. Interest will be payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

The notes will settle March 27.

The Cusip number is 61760QFW9.

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