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Morgan Stanley plans fixed-to-floaters tied to 10-year ICE swap rate
By Sarah Lizee
Olympia, Wash., April 9 – Morgan Stanley plans to price fixed-to-floating notes due May 3, 2028 linked to the 10-year U.S. dollar ICE swap rate, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is 5% until May 3, 2020. After that, the interest rate will be equal to the 10-year U.S. dollar ICE swap rate, subject to a minimum interest rate of 0.25%. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes (Cusip: 61760QLC6) will price on April 30 and settle on May 3.
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