By Toni Weeks
San Luis Obispo, Calif., June 27 - Morgan Stanley priced $3 million of leveraged CMS curve-linked notes due June 28, 2028 linked to the 30-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 9% for the first year. After that, the rate will be four times (a) the spread of the 30-year CMS swap rate over the 2-year CMS rate minus (b) 50 basis points, subject to a maximum interest rate of 9%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Leveraged CMS curve-linked notes
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Amount: | $3 million
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Maturity: | June 28, 2028
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Coupon: | 9% for one year; thereafter, four times (a) the spread of the 30-year CMS swap rate over the 2-year CMS rate minus (b) 50 bps, subject to a maximum interest rate of 9%, floor of zero; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing date: | June 26
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Settlement date: | June 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.5%
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Cusip: | 61760QCX0
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