By Marisa Wong
Madison, Wis., Sept. 9 - Morgan Stanley priced an additional $1.99 million of CMS curve and S&P 500 index-linked accrual notes due Sept. 9, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $10 million. The issuer priced an initial $8.01 million of the notes on Aug. 30.
The coupon will be 10% for the first two years. After that, it will accrue at five times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate for each day that the S&P 500 index is at least 875, up to a maximum coupon of 13%. Interest is payable quarterly.
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 accrual notes
|
| Amount: | $10 million (increased from $8,009,000)
|
| Maturity: | Sept. 9, 2026
|
| Coupon: | 10% initially; in third year, 500% of spread of the 30-year CMS rate over the two-year CMS rate for each day that S&P 500 is at least 875, capped at 13%; payable monthly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 30 for $8.01 million; Sept. 8 for $1.99 million
|
| Settlement date: | Sept. 9
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61745EJ93
|
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