By Susanna Moon
Chicago, July 29 - Morgan Stanley priced $14 million of leveraged CMS notes due Aug. 12, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year. After that, it will accrue at 2.7 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Leveraged CMS notes
|
| Underlying rates: | 30-year CMS rate and two-year CMS rate
|
| Amount: | $14 million
|
| Maturity: | Aug. 12, 2031
|
| Coupon: | 10% for one year; after that, 2.7 times spread of the 30-year CMS rate over the two-year CMS rate; cap of 10% and floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | July 27
|
| Settlement date: | Aug. 12
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61745E4S7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
