By Toni Weeks
San Diego, Aug. 3 - Morgan Stanley priced $1 million of CMS curve and S&P 500 index-linked range accrual notes due Aug. 22, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 8.5% for the first year. After that, the rate will accrue at 8.5% for each day that the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is greater than zero and the S&P 500 index is at least 950. Interest is payable monthly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | CMS curve and S&P 500 index-linked range accrual notes
|
| Amount: | $1 million
|
| Maturity: | Aug. 22, 2031
|
| Coupon: | 8.5% for first year; thereafter, 8.5% for each day that the spread of the 30-year CMS rate over the two-year CMS rate is greater than zero and the S&P 500 is at least 950; payable monthly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 22
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4%
|
| Cusip: | 61745E5Y3
|
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