By Angela McDaniels
Tacoma, Wash., Jan. 30 - Morgan Stanley priced an additional $6 million of leveraged CMS curve and S&P 500 index-linked notes due Jan. 31, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $7 million.
The coupon will be 10% for the first three years. Beginning Jan. 31, 2015, it will be seven times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, subject to a minimum of zero and a maximum of 10% per year in any interest payment period, multiplied by the proportion of days on which the index closes at or above 850. Interest is payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent, and Morgan Stanley Smith Barney LLC will handle distribution.
Issuer: | Morgan Stanley
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Issue: | Leveraged CMS curve and S&P 500 index-linked notes
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Amount: | $7 million, increased from $1 million
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Maturity: | Jan. 31, 2032
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Coupon: | 10% for first three years; after that, seven times spread of 30-year CMS rate over two-year CMS rate, subject to minimum of zero and maximum of 10%, multiplied by proportion of days on which index closes at or above 850; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing dates: | Jan. 20 for $1 million; Jan. 30 for $6 million
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Settlement date: | Jan. 31
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Agent: | Morgan Stanley & Co. LLC
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Distribution: | Morgan Stanley Smith Barney LLC
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Fees: | 4%
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Cusip: | 61745E5Z0
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