Morgan Stanley plans 15-year accrual notes tied to CMS curve, S&P 500

By Susanna Moon

Chicago, Nov. 10 - Morgan Stanley plans to price leveraged CMS curve and S&P 500 index-linked range accrual notes due Nov. 28, 2026, according to an FWP with the Securities and Exchange Commission.

The coupon will be 11% for three years. After that it will be five times the difference between the 30-year Constant Maturity Swap rate over the two-year CMS rate for each day that the index closes at or above 900. Interest will be payable quarterly and cannot be greater than 11% or less than 0%.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent with Morgan Stanley Smith Barney LLC as distributor.

The notes will settle on Nov. 28.

The Cusip number is 61745E2F7.

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