Published on 2/28/2012 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $9 million additional leveraged CMS curve, S&P 500-linked notes
By Angela McDaniels
Tacoma, Wash., Feb. 28 - Morgan Stanley increased the issue size of its leveraged CMS curve and S&P 500 index-linked notes due Feb. 28, 2032 to $10 million from $1 million, 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 be five 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 12% per year, multiplied by the proportion of days on which the index closes at or above 990. 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: | Leveraged CMS curve and S&P 500 index-linked notes
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Amount: | $10 million, increased from $1 million
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Maturity: | Feb. 28, 2032
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Coupon: | 10% for first three years; after that, five times spread of 30-year CMS rate over two-year CMS rate, subject to minimum of zero and maximum of 12%, multiplied by proportion of days on which index closes at or above 990; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing dates: | Feb. 13 for $1 million; Feb. 27 for $9 million
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Settlement date: | Feb. 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4%
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Cusip: | 61760QAB0
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