Morgan Stanley plans 15-year CMS curve, S&P 500 range accrual notes

By Susanna Moon

Chicago, July 12 - Morgan Stanley plans to price leveraged CMS curve and S&P 500 index-linked callable notes due July 30, 2025, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 10% for the first year. After that, the rate will accrue at 10% per year on each day that the 30-year Constant Maturity Swap rate is greater than or equal to the two-year CMS rate and the level of the S&P 500 index is at least 850. Interest is payable quarterly.

The payout at maturity will be par.

The notes are callable at par on any interest payment date beginning July 30, 2011.

The notes will settle on July 30.

Morgan Stanley & Co. Inc. is the agent.

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