By Jennifer Chiou
New York, Nov. 22 - Morgan Stanley amended the terms of its previously priced $1 million of leveraged CMS curve and S&P 500 index-linked accrual notes due Nov. 30, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 10% for the first five years. Beginning on Nov. 30, 2016, it will be (a) seven times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, subject to a minimum of zero and a maximum of 10% per year, multiplied by (b) the proportion of days on which the index closes at or above 650. Interest is payable quarterly.
The index reference level was previously 750.
The payout at maturity will be par.
The issuer said it may increase the issue size prior to the settlement date.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Leveraged CMS curve and S&P 500 index-linked accrual notes
|
| Amount: | $1 million
|
| Maturity: | Nov. 30, 2031
|
| Coupon: | Initially 10%; beginning on Nov. 30, 2016, (a) seven times spread of 30-year CMS rate over two-year CMS rate, subject to minimum of zero and maximum of 10% per year, multiplied by (b) proportion of days on which index closes at or above 650; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4%
|
| Cusip: | 61745E2Z3
|
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