By Sarah Lizee
Olympia, Wash., Dec. 27 – Morgan Stanley Finance LLC priced $5 million of callable fixed- to floating-rate notes due Dec. 27, 2038 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 8% for the first year. After that, the interest rate will be equal to 50 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 8% 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 Dec. 27, 2019.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| 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: | Dec. 27, 2038
|
| Coupon: | 8% for first year; then, 50 times spread of 30-year U.S. dollar ICE swap rate minus two-year U.S. dollar ICE swap rate, cap of 8%, floor of zero; payable quarterly
|
| Call: | Callable in whole quarterly starting Dec. 27, 2019
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 27
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4%
|
| Cusip: | 61766YDM0
|
© 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.
