By Jennifer Chiou
New York, Feb. 15 - Morgan Stanley priced $1 million of leveraged CMS curve and S&P 500 index-linked notes due Feb. 28, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 10% for the first three 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 index closes at or above 990, up to a maximum 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, 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: | $1 million
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Maturity: | Feb. 28, 2032
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Coupon: | 10% for first three years; after that, five 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 990, up to a maximum rate of 10% and floor of 0% in any interest payment period; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Feb. 13
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Settlement date: | Feb. 28
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Agent: | Morgan Stanley & Co. LLC, with Morgan Stanley Smith Barney LLC as distributor
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Fees: | 4%
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Cusip: | 61760QAB0
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