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Morgan Stanley plans 20-year accrual notes on CMS curve, S&P 500
By Jennifer Chiou
New York, Nov. 14 - Morgan Stanley plans to price CMS curve and S&P 500 index-linked range accrual notes due Nov. 30, 2031, according to an FWP with the Securities and Exchange Commission.
The coupon will be 10% for the first two years. After that, it will accrue at 10% for each day that the 30-year Constant Maturity Swap rate is equal to or greater than the two-year CMS rate and the index closes at or above 750. Interest will be payable monthly.
The payout at maturity will be par.
The notes (Cusip: 61745E2M2) will settle on Nov. 30.
Morgan Stanley & Co. LLC is the agent.
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