By Marisa Wong
Madison, Wis., Feb. 10 - Morgan Stanley priced an additional 20 million renminbi of senior fixed-rate step-up notes due Feb. 11, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to 350 million renminbi. The issuer previously priced 330 million renminbi of fixed-rate step up notes, which included an 80 million renminbi add-on.
The securities are renminbi-denominated, but all interest payments and the payout at maturity will be made in dollars. The issuer stated that it used an exchange rate of 6.5867 yuan per dollar as calculated on Feb. 10.
The coupon will be 0.5% for the first year. After that, the rate will step up by 0.25% each year. Interest is payable annually.
The payout at maturity will be par.
Morgan Stanley & Co. International plc is the underwriter.
| Issuer: | Morgan Stanley
|
| Issue: | Chinese renminbi-denominated fixed-rate step-up notes
|
| Amount: | 350 million renminbi, increased from 250 million renminbi
|
| Maturity: | Feb. 11, 2016
|
| Coupon: | 0.5% in year one; 0.75% in year two; 1% in year three; 1.25% in year four; 1.5% in year five; payable annually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Exchange rate: | 6.5867 yuan per dollar
|
| Pricing date: | Jan. 24 for $250 million; Feb. 10 for latest add-on
|
| Settlement date: | Feb. 11
|
| Agent: | Morgan Stanley & Co. International plc
|
| Fees: | 0.5%
|
| Cusip: | 058615234
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
