Published on 3/29/2012 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $6 million leveraged CMS curve, S&P 500-linked notes
By Angela McDaniels
Tacoma, Wash., March 29 - Morgan Stanley priced $6 million of leveraged CMS curve and S&P 500 index-linked notes due March 30, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 12% for the first year. Beginning March 30, 2013, 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 935. 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: | $6 million
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Maturity: | March 30, 2027
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Coupon: | 12% for first year; beginning March 30, 2013, 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 935; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | March 27
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Settlement date: | March 30
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.5%
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Cusip: | 61760QAQ7
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