By Susanna Moon
Chicago, June 22 - Morgan Stanley priced $1 million of CMS curve and S&P 500 index-linked range accrual notes due June 23, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 10% for the first two years. After that, interest will accrue at 10% per year for each day that the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is at least zero and the level of the S&P 500 is at least 775.
Interest is payable monthly.
The payout at maturity will be par.
The notes are callable at par on any quarterly redemption date beginning June 23, 2012.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | CMS curve and S&P 500 index-linked range accrual notes
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Amount: | $1 million
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Maturity: | June 23, 2030
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Coupon: | 10% per year for two years; thereafter, 10% per year times proportion of days on which 30-year CMS rate is at or above two-year CMS rate and S&P 500 is at least 775; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any quarterly redemption date beginning June 23, 2012
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Pricing date: | June 18
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Settlement date: | June 23
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 4%
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Cusip: | 61745ER45
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