New Issue: Morgan Stanley sells $2.5 million fixed-to-floaters on 10-year CMS rate

By Marisa Wong

Madison, Wis., Sept. 12 – Morgan Stanley priced $2.5 million of fixed-to-floating notes due Sept. 17, 2034 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4.8% for the first four years. Beginning Sept. 17, 2018, it will be 78.5% of the 10-year CMS rate, with a minimum rate of 0%. Interest is payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Fixed-to-floating notes
Underlying:	10-year CMS rate
Amount:	$2.5 million
Maturity:	Sept. 17, 2034
Coupon:	4.8% for first four years; beginning Sept. 17, 2018, 78.5% of 10-year CMS rate, floor of 0%; payable quarterly
Price:	Variable
Payout at maturity:	Par
Pricing date:	Sept. 11
Settlement date:	Sept. 17
Agent:	Morgan Stanley & Co. LLC
Fees:	3.5%
Cusip:	61760QEZ3

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