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Morgan Stanley plans fixed-to-floating notes tied to CPI with 8% cap
By Susanna Moon
Chicago, April 4 - Morgan Stanley plans to price fixed-to-floating notes due April 25, 2023 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 6.5% for the first two years. After that, it will be the year-over-year change in the Consumer Price Index plus 200 basis points, up to a maximum rate of 8%. Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. Inc. is the agent.
The notes will settle on April 25.
The Cusip is 61745EG62.
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