By Wendy Van Sickle
Columbus, Ohio, April 27 – Morgan Stanley priced $2.5 million of fixed-to-floating-rate notes due April 26, 2030 linked to the Consumer Price index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a coupon that starts at 7% per annum for the first year, then is equal to the year-over-year change in the index plus a spread of 70 basis points, subject to a minimum of zero and a maximum of 7% a year.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
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| Underlying index: | Consumer Price index
|
| Amount: | $2.5 million
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| Maturity: | April 26, 2030
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| Coupon: | 7% a year for first year, then year-over-year change in index plus 70 bps, subject to minimum of zero and maximum of 7%; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | April 25
|
| Settlement date: | April 27
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.3%
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| Cusip: | 61760QNY6
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