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Morgan Stanley plans 15-year range accrual notes on CMS curve, indexes
By Susanna Moon
Chicago, April 11 - Morgan Stanley plans to price range accrual notes due April 29, 2026 linked to a CMS curve, the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 8% for the first two years. After that, it will accrue at 8% per year on each day that the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is at least zero, the S&P 500's closing level is at least 775 and the Russell 2000's closing level is at least 550.
Interest will be payable monthly.
The payout at maturity will be par.
Morgan Stanley & Co. Inc. is in the agent.
The notes will settle on April 29.
The Cusip is 61745EJ28.
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