By Wendy Van Sickle
Columbus Ohio, Sept. 13 – Morgan Stanley Finance LLC priced $5 million of callable fixed- to floating-rate notes due Sept. 6, 2025 linked to the 30-year U.S. dollar ICE swap rate and the two-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5% for the first two years. After that, the interest rate will be equal to 15 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 10% and a minimum interest rate of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are callable in whole at par quarterly beginning Sept. 6, 2020.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent with Morgan Stanley Wealth Management acting as dealer.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Underlying rates: | 30-year U.S. dollar ICE swap rate and two-year U.S. dollar ICE swap rate
|
| Amount: | $5 million
|
| Maturity: | Sept. 6, 2025
|
| Coupon: | 5% for first two years; then, 15 times spread of 30-year U.S. dollar ICE swap rate minus two-year U.S. dollar ICE swap rate for each day that each index closes at or above reference level, cap of 10%, floor of zero; payable monthly
|
| Call: | Callable in whole quarterly starting Sept. 6, 2020
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 6
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61766YDG3
|
|
|
© 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.
