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Morgan Stanley to price fixed-to-floating notes on 10-year CMS rate
By Wendy Van Sickle
Columbus, Ohio, Oct. 30 – Morgan Stanley plans to price fixed-to-floating rate notes due Nov. 25, 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% initially. Beginning on Nov. 25, 2018, the interest rate will be equal to the 10-year CMS rate, subject to a minimum rate of zero. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes will price and settle in November.
The Cusip number is 61760QJA3.
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