New Issue: Morgan Stanley prices $8.01 million CMS curve, S&P 500-linked accrual notes

By Susanna Moon

Chicago, Sept. 1 - Morgan Stanley priced $8.01 million of CMS curve and S&P 500 index-linked accrual notes due Sept. 9, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 10% for the first two years. After that, it will accrue at five 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 index is at least 875, up to a maximum coupon of 13%. Interest is payable monthly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	CMS curve and S&P 500 index-linked accrual notes
Amount:	$8,009,000
Maturity:	Sept. 9, 2026
Coupon:	10% initially; in third year, 500% of spread of the 30-year CMS rate over the two-year CMS rate for each day that S&P 500 is at least 875, capped at 13%; payable monthly
Price:	Variable
Payout at maturity:	Par
Pricing date:	Aug. 30
Settlement date:	Sept. 9
Agent:	Morgan Stanley & Co. LLC
Fees:	3.5%
Cusip:	61745EJ93

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