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Morgan Stanley to price leveraged CMS curve, S&P 500-linked notes
By Angela McDaniels
Tacoma, Wash., June 4 - Morgan Stanley plans to price fixed-to-floating-rate leveraged CMS curve and S&P 500 index-linked notes due June 28, 2028, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 9% for the first two years. Beginning June 28, 2015, it will be (a) four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate multiplied by (b) the proportion of days on which the index's closing level is greater than or equal to 1,150. The interest rate will be subject to a floor of zero and a cap of 9% per year. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
The notes will settle June 28.
The Cusip is 61760QCQ5.
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