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Morgan Stanley plans 20-year leveraged CMS curve, S&P-linked notes
By Susanna Moon
Chicago, Jan. 4 - Morgan Stanley plans to price leveraged CMS curve and S&P 500 index-linked notes due Jan. 13, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 10% for the first five years. After that, it will accrue at seven times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate for each day that the index closes at or above 750, up to a rate of 10% 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. LLC is the agent.
The notes will settle on Jan. 13.
The Cusip is 61745E4T5.
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