By Angela McDaniels
Tacoma, Wash., April 3 - Morgan Stanley priced $1 million of leveraged CMS curve and S&P 500 index-linked notes due April 30, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 10% for the first four years. Beginning April 30, 2016, 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 10% per year, multiplied by the proportion of days on which the index closes at or above 750. Interest is payable quarterly.
The payout at maturity will be par.
The issuer said it may increase the issue size prior to the settlement date but is not required to do so.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Leveraged CMS curve and S&P 500 index-linked notes
|
| Amount: | $1 million
|
| Maturity: | April 30, 2032
|
| Coupon: | 10% for first four years; beginning April 30, 2016, five 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 750; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | March 30
|
| Settlement date: | April 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3%
|
| Cusip: | 61760QAW4
|
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