Morgan Stanley plans 15-year contingent coupon notes on WTI crude oil

By Marisa Wong

Madison, Wis., March 3 - Morgan Stanley plans to price commodity-linked notes with contingent coupon due March 29, 2029 linked to West Texas Intermediate light sweet crude oil, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent annual coupon at a rate equal to the greater of the commodity return and the highest contingent coupon paid on any previous interest payment date, subject to a floor of 0% and a cap of 10%. The commodity return is the change in the commodity price on the applicable interest determination date relative to the initial price.

The payout at maturity will be par plus the final coupon, if any.

Morgan Stanley & Co. LLC is the agent.

The notes will price March 26 and settle March 31.

The Cusip number is 61762GBF0.

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