By Jennifer Chiou
New York, July 6 - Morgan Stanley priced $8.5 million of CMS curve and S&P 500 index-linked range accrual notes due June 30, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 10.25% for the first two years. After that, the rate will accrue at four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate for each day that the S&P 500 is at least 935, up to a maximum rate of 12% per year in any interest payment period. Interest is payable quarterly and cannot be less than zero.
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: | $8.5 million
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Maturity: | June 30, 2026
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Coupon: | 10.25% for first two years; thereafter, rate will accrue at four times the spread of the 30-year CMS rate over the two-year CMS rate for each day that the S&P 500 is at least 935; cap of 12% and floor of zero; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | July 1
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Settlement date: | July 7
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 3.5%
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Cusip: | 61745EZ87
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