Morgan Stanley plans 20-year range accrual notes on CMS curve, Russell

By Susanna Moon

Chicago, May 11 - Morgan Stanley plans to price CMS curve and Russell 2000 index-linked range accrual notes due May 31, 2031, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 8.5% for the first two years. After that, it will be 8.5% for each day that the 30-year Constant Maturity Swap rate is at least the two-year CMS rate and the Russell 2000 index closes at or above 615. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

Morgan Stanley & Co. Inc. is the agent.

The notes will settle on May 31.

The Cusip is 61745ER60.

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