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Morgan Stanley plans seven-year fixed-to-floaters tied to CMS curve
By Susanna Moon
Chicago, Sept. 26 - Morgan Stanley plans to price fixed-to-floating-rate notes due Oct. 14, 2018 linked to the 30-year and two-year Constant Maturity Swap rates, according to an FWP with the Securities and Exchange Commission.
The coupon will be 6% for the first year. After that, it will be 6% for each day that the 30-year CMS rate is greater or equal to the two-year CMS rate.
Interest is payable monthly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC will be the agent.
The notes will price in September and settle on Oct. 14.
The Cusip number is 61745ER78.
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