By Marisa Wong
Madison, Wis., Sept. 9 - Morgan Stanley priced an additional $1.99 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.
This brings the total deal size to $10 million. The issuer priced an initial $8.01 million of the notes on Aug. 30.
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 quarterly.
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 accrual notes
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Amount: | $10 million (increased from $8,009,000)
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Maturity: | Sept. 9, 2026
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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
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Aug. 30 for $8.01 million; Sept. 8 for $1.99 million
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Settlement date: | Sept. 9
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.5%
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Cusip: | 61745EJ93
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