Morgan Stanley plans notes linked to 10-year CMS with 3.55% start rate

By Susanna Moon

Chicago, Sept. 21 – Morgan Stanley plans to price fixed-to-floating notes due Oct. 7, 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 Oct. 7.

The Cusip number is 61760QHT4.

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