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Morgan Stanley plans range accrual notes linked to CMS curve, S&P 500
By Marisa Wong
Madison, Wis., Jan. 10 - Morgan Stanley plans to price CMS curve and S&P 500 index-linked range accrual notes due Jan. 31, 2032, according to an FWP with the Securities and Exchange Commission.
The coupon will be fixed at 9% for the first year. After that, interest will accrue at 9% for each day that the 30-year Constant Maturity Swap rate is equal to or greater than the two-year CMS rate and the index closes at or above 690. Interest will be payable monthly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes (Cusip: 61745E5M9) will settle on Jan. 31.
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