By Sarah Lizee
Olympia, Wash., May 28 – Morgan Stanley priced $3 million of fixed-to-floating notes due May 28, 2030 linked to the Consumer Price Index, according to an 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% until May 28, 2021. After that, the interest rate will be equal to the year-over-year change in the index plus a spread of 50 basis points. 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.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating notes
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Underlying index: | Consumer Price Index
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Amount: | $3 million
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Maturity: | May 28, 2030
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Coupon: | 3% initially; beginning May 28, 2021, equal to the year-over-year change in the index plus 50 bps, subject to a 0% floor; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 26
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Settlement date: | May 28
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.15%
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Cusip: | 61760QMX9
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