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Morgan Stanley plans fixed-to-floaters due 2023 on 10-year CMT rate
By Sarah Lizee
Olympia, Wash., July 2 – Morgan Stanley plans to price fixed-to-floating notes due July 31, 2023 linked to the 10-year Constant Maturity Treasury rate, according to an FWP filing with the Securities and Exchange Commission.
Interest will be fixed at 4.5% for the first year. After that, interest will be the equal to the 10-year CMT rate, with a minimum interest rate of 0.25%. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on July 31.
The Cusip number is 61760QLN2.
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