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Morgan Stanley plans leveraged CMS curve securities on S&P, Russell
New York, July 14 – Morgan Stanley Finance LLC plans to price leveraged CMS curve securities due July 28, 2037 linked to the worse performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
Interest will be fixed at 18% for the first year. After that, it will be 10 times the spread of the 30-year ICE swap rate over the two-year ICE swap rate for each day that both indexes close at or above their 75% reference level. The rate is capped at 12% per year and has a floor of zero. Interest will be payable monthly.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to the decline of the worse performing index.
Morgan Stanley & Co. LLC is the agent.
The notes will price on July 25 and settle on July 28.
The Cusip number is 61766YBV2.
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