Morgan Stanley plans real-denominated fixed-rate step-up securities

By Jennifer Chiou

New York, May 20 - Morgan Stanley plans to price Brazilian real-denominated senior fixed-rate step-up securities due June 10, 2016, according to an FWP with the Securities and Exchange Commission.

The securities are real-denominated, but all interest payments and the payout at maturity will be made in dollars.

The coupon will be 9.5% for the first two years, stepping up to 10% on June 10, 2013, 10.5% on June 10, 2014 and 11% on June 10, 2015. Interest is payable annually.

The payout at maturity will be par.

The notes (Cusip: 617482RZ9) are expected to price in May and settle on June 10.

Morgan Stanley & Co. Inc. is the agent.

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