By Toni Weeks
San Luis Obispo, Calif., May 21 – Morgan Stanley priced $10 million of fixed-to-floating notes due June 9, 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 year. After that, the coupon will be equal to the 10-year CMS rate plus 26 basis points. 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
|
| Issue: | Fixed-to-floating notes
|
| Underlying: | 10-year CMS rate
|
| Amount: | $10 million
|
| Maturity: | June 9, 2025
|
| Coupon: | 3.5% for first year; beginning June 9, 2016, equal to 10-year CMS rate plus 26 bps, floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | May 19
|
| Settlement date: | June 9
|
| Agent: | Morgan Stanley & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 1.25%
|
| Cusip: | 61760QGE8
|
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