Morgan Stanley plans callable range accrual notes linked to S&P 500

By Susanna Moon

Chicago, April 17 – Morgan Stanley Finance LLC plans to price callable range accrual securities due April 28, 2032 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

	Interest will accrue at an annual rate for each day that the spread of the	30-year ICE swap rate	over the	two-year ICE swap rate	is at least zero and the index closes at or above its 75% coupon barrier. The coupon will be 7% for the first seven years, stepping up to 8% on April 28, 2024 and to 9% on April 28, 2029. Interest will be payable monthly.
	The notes are callable at par beginning April 28, 2018.
	The payout at maturity will be par unless the index finishes below its 50% downside threshold, in which case investors will be fully exposed to any losses.
	Morgan Stanley & Co. LLC is the agent.
	The notes will be guaranteed by	Morgan Stanley.
	The notes will price on April 26.
	The Cusip number is 61768CHF7.

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