By Wendy Van Sickle
Columbus, Ohio, Jan. 5 – Morgan Stanley priced $15 million of fixed-to-floating notes due Jan. 16, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 4% for the first two years. After that, it will equal the 10-Year U.S. Dollar ICE Swap Rate plus 31 basis points, with a floor of 0.25%. Interest is payable quarterly.
The payout at maturity will be par plus any unpaid interest.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating notes
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Underlying rate: | 10-Year U.S. Dollar ICE Swap Rate
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Amount: | $15 million
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Maturity: | Jan. 16, 2028
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Coupon: | 4% for first year; after that, three-month Libor plus 31 basis points, with a floor of 0.25%; payable quarterly
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Price: | Par
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Payout at maturity: | Par plus any unpaid interest
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Pricing date: | Jan. 4
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Settlement date: | Jan. 16
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Agent: | Morgan Stanley & Co. LLC
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Fee: | 0%
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Cusip: | 61760QKX1
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