Published on 11/15/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.5 million fixed-to-floaters on ICE swap rate
By Sarah Lizee
Olympia, Wash., Nov. 15 – Morgan Stanley priced $2.5 million of fixed-to-floating notes due Nov. 16, 2021 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 3% for the first year. After that, interest will be the equal to the 10-year U.S. dollar ICE swap rate plus 7.5 basis points, with a minimum interest rate of 0.1%. 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: | 10-year U.S. dollar ICE swap rate
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Amount: | $2.5 million
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Maturity: | Nov. 16, 2021
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Coupon: | 3% initially; beginning Nov. 16, 2019, 10-year U.S. dollar ICE swap rate plus 7.5 bps, with a minimum interest rate of 0.1%, payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Nov. 14
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Settlement date: | Nov. 16
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.25%
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Cusip: | 61760QMB7
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