Published on 5/1/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.68 million fixed-to-floaters on ICE swap rate
By Sarah Lizee
Olympia, Wash., May 1 – Morgan Stanley priced $1.68 million of fixed-to-floating notes due May 3, 2028 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 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.
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: | $1,682,000
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Maturity: | May 3, 2028
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Coupon: | 5% until May 3, 2020; after that, equal to the 10-year U.S. dollar ICE swap rate, subject to a minimum interest rate of 0.25%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 30
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Settlement date: | May 3
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 2%
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Cusip: | 61760QLC6
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