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Morgan Stanley plans leveraged CMS curve, S&P 500-tied notes due 2027
New York, May 8 - Morgan Stanley plans to price fixed-to-floating rate leveraged CMS curve and S&P 500 index-linked notes due May 31, 2027, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year. After that, it will be five times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum annualized rate of 10%, for each day that the index closes at or above 750. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent, and Morgan Stanley Smith Barney LLC is the dealer.
The notes will settle on May 31.
The Cusip is 61760QBH6.
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