By Jennifer Chiou
New York, March 31 - Morgan Stanley upsized its CMS curve and S&P 500 index-linked range accrual notes due March 31, 2031 to $20 million from the original $1 million, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 8% for the first year. After that, interest will accrue at an annualized rate of 8% for each day that the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is at least zero and the level of the index is at least 675.
Interest is payable monthly.
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: | $20 million (up from $1 million)
|
| Maturity: | March 31, 2031
|
| Coupon: | 8% for one year; thereafter, 8% for each day that 30-year CMS rate is at or above two-year CMS rate and S&P 500 is at least 675; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 18
|
| Upsize date: | March 30
|
| Settlement date: | March 31
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3.5%
|
| Cusip: | 61745E6X4
|
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