By Toni Weeks
San Luis Obispo, Calif., May 1 – Morgan Stanley priced $5 million of fixed-to-floating notes due May 20, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.5% for the first three years. After that, the interest rate will be equal to the 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent with Morgan Stanley Wealth Management handling distribution.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating notes
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Underlying: | 10-year CMS rate
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Amount: | $5 million
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Maturity: | May 20, 2025
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Coupon: | 3.5% for first three years; beginning on May 20, 2018, equal to the 10-year CMS rate, floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 29
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Settlement date: | May 20
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Agent: | Morgan Stanley & Co. LLC
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 0.5%
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Cusip: | 61760QGB4
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