By Marisa Wong
Morgantown, W.Va., Sept. 14 – Morgan Stanley priced $590,000 of fixed-to-floating-rate notes due Sept. 15, 2022 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.5% for the first two years. After that, the interest rate will be equal to 97% of the 10-year CMS 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 issuer said it may increase the issue size prior to the settlement date, July 31, but is not required to do so.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $590,000
|
| Maturity: | Sept. 15, 2022
|
| Coupon: | 2.5% for first two years; after that, 97% of 10-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 15
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61760QHE7
|
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