By Toni Weeks
San Luis Obispo, Calif., June 21 - Morgan Stanley priced $5 million of fixed-to-floating leveraged CMS curve-linked notes due June 28, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year. Beginning June 28, 2014, it will be (a) four times (b) the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 20 basis points. The interest rate is subject to a floor of zero and a cap of 10% per year and is payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating leveraged CMS curve-linked notes
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Amount: | $5 million
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Maturity: | June 28, 2028
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Coupon: | 10% for first year; beginning June 28, 2014, (a) four times (b) spread of 30-year CMS rate over five-year CMS rate, less 20 bps; subject to minimum rate of zero and maximum of 10% per year; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing date: | June 19
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Settlement date: | June 28
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Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Smith Barney LLC as dealer
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Fees: | 2%
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Cusip: | 61760QCV4
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