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Morgan Stanley plans 10-year fixed-to-floating notes on 10-year CMS
By Tali Rackner
Norfolk, Va., Aug. 5 – Morgan Stanley plans to price fixed-to-floating notes due Aug. 28, 2025, according to an FWP with the Securities and Exchange Commission.
The coupon will be fixed at 3.55% for the first three years. After that, it will be equal to the 10-year Constant Maturity Swap rate. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on Aug. 28.
The Cusip number is 61760QHA5.
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