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

By Angela McDaniels

Tacoma, Wash., May 20 – Morgan Stanley plans to price fixed-to-floating-rate notes due June 9, 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 3.5% for the first year. After that, the interest rate will be equal to the 10-year CMS rate plus 26 basis points. Interest will be payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

The notes will price in May and settle June 9.

The Cusip number is 61760QGE8.

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