Morgan Stanley plans 5% fixed-to-floaters on 10-year ICE swap rate

By Sarah Lizee

Olympia, Wash., Nov. 21 – Morgan Stanley plans to price fixed-to-floating notes due Nov. 28, 2028 linked to the 10-year U.S. dollar ICE swap rate, according to an FWP filing with the Securities and Exchange Commission.

Interest will be fixed at 5% for the first three years. After that, interest will be the equal to the 10-year U.S. dollar ICE swap rate plus 15 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.

The notes will settle on Nov. 28.

The Cusip number is 61760QMF8.

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