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Morgan Stanley plans CMS curve, S&P 500 notes with 9% initial rate
By Susanna Moon
Chicago, Nov. 15 - Morgan Stanley plans to price leveraged CMS curve and S&P 500 index-linked notes due Dec. 2, 2028, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be fixed at 9% for the first year. After that, it will accrue at 4 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 the 75% barrier level, up to a maximum rate of 9%. Interest will be payable monthly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on Dec. 2.
The Cusip number is 61760QDT8.
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