By Jennifer Chiou
New York, June 29 - Morgan Stanley priced $85 million of CMS curve and S&P 500 index-linked range accrual notes due June 30, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 11% for the first year. After that, the rate will accrue at four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate for each day that the S&P 500 is at least 935, up to a maximum rate of 12% per year in any interest payment period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | CMS curve and S&P 500 index-linked range accrual notes
|
| Amount: | $85 million
|
| Maturity: | June 30, 2026
|
| Coupon: | 11% for first year; then, rate will accrue at four times the spread of the 30-year CMS rate over the two-year CMS rate for each day that the S&P 500 is at least 935; cap of 12% and floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | June 27
|
| Settlement date: | June 30
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3.5%
|
| Cusip: | 61745EY47
|
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