Morgan Stanley to price fixed-to-floaters linked to 10-year CMS rate

By Angela McDaniels

Tacoma, Wash., Feb. 5 – Morgan Stanley plans to price fixed-to-floating-rate notes due February 2026 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

During the fixed-rate interest period, the interest rate will be 4% per year. During the floating-rate interest period, the interest rate will be equal to the 10-year CMS rate, subject to a minimum of zero. The end date for the fixed-rate interest period is expected to fall in either November 2018 or February 2019 and will be set at pricing. Interest will be payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

The notes will price in February.

The Cusip number is 61760QJK1.

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