New Issue: Morgan Stanley sells $8 million fixed-to-floaters on 10-year ICE swap rate

By Sarah Lizee

Olympia, Wash., Nov. 29 – Morgan Stanley priced $8 million of fixed-to-floating notes due Nov. 28, 2028 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 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.

Issuer:	Morgan Stanley
Issue:	Fixed-to-floating notes
Underlying:	10-year U.S. dollar ICE swap rate
Amount:	$8 million
Maturity:	Nov. 28, 2028
Coupon:	5% initially; beginning in Nov. 28, 2021, 10-year U.S. dollar ICE swap rate plus 15 bps, with a minimum interest rate of 0.1%, payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Nov. 26
Settlement date:	Nov. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61760QMF8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.