Published on 8/23/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1 million fixed-to-floaters linked to SOFR
By Sarah Lizee
Olympia, Wash., Aug. 23 – Morgan Stanley priced $1 million of fixed-to-floating notes due Aug. 23, 2021 linked to the Secured Overnight Financing Rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 2.25% for the first year. After that, interest will be the equal to the reference rate, with a minimum interest rate of 0.1%. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating notes
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Underlying: | Secured Overnight Financing Rate
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Amount: | $1 million
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Maturity: | Aug. 23, 2021
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Coupon: | 2.25% initially; beginning in Aug. 23, 2020, 10-year U.S. dollar ICE swap rate, with a minimum interest rate of 0.1%, payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Aug. 21
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Settlement date: | Aug. 23
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.15%
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Cusip: | 61760QMC5
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