Morgan Stanley plans to price fixed-to-floaters tied to CMS curve

By Toni Weeks

San Diego, Sept. 29 - Morgan Stanley plans to price fixed-to-floating notes due Oct. 27, 2031 linked to the 30-year and the two-year Constant Maturity Swap rates, according to an FWP filing with the Securities and Exchange Commission.

Interest will be 7% for the first three years. After that, the interest will be 7% per year multiplied by the proportion of days on which the 30-year CMS rate is greater than or equal to the two-year CMS rate.

Interest will be payable monthly.

The payout at maturity is par.

The notes (Cusip: 61745EW31) are expected to settle Oct. 27.

Morgan Stanley & Co. LLC is the agent.

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