By Marisa Wong
Madison, Wis., March 18 - Morgan Stanley priced $1 million of CMS curve and S&P 500 index-linked range accrual notes due March 31, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 8% for the first year. After that, interest will accrue at an annualized rate of 8% 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 index is at least 675.
Interest is payable monthly.
The payout at maturity will be par.
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: | March 31, 2031
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Coupon: | 8% for one year; thereafter, 8% for each day that 30-year CMS rate is at or above two-year CMS rate and S&P 500 is at least 675; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | March 18
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Settlement date: | March 31
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 3.5%
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Cusip: | 61745E6X4
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