By Susanna Moon
Chicago, Sept. 1 - Morgan Stanley priced $2 million of CMS curve and S&P 500 index-linked range accrual notes due Sept. 15, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 9% for the first year. After that, it will accrue at 9% for each day that the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is greater than or equal to zero and the S&P 500 index is at least 850. Interest is payable monthly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC 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: | $2 million
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Maturity: | Sept. 15, 2031
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Coupon: | 9% initially; beginning Sept. 15, 2012, 9% for each day that spread of the 30-year CMS rate over the two-year CMS rate is positive and S&P 500 is at least 850; payable monthly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Aug. 30
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Settlement date: | Sept. 15
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4%
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Cusip: | 61745EK75
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