By E. Janene Geiss
Philadelphia, July 25 - Morgan Stanley priced $3.5 million of Constant Maturity Swap curve-linked accrual notes due July 28, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be reset and payable quarterly.
Until July 28, 2011, the notes will bear interest at 8.5% per year. From then on, the interest rate will be 8.5% per year times the proportion of days on which the spread of the 30-year CMS rate over the two-year CMS rate is at least 0%.
Morgan Stanley will be able to call the notes at par on any interest payment date beginning on July 28, 2011.
If the notes are not called early, the payout at maturity will be par.
Morgan Stanley & Co. Inc. is the underwriter.
| Issuer: | Morgan Stanley
|
| Issue: | CMS curve-linked accrual notes
|
| Amount: | $3.5 million
|
| Maturity: | July 28, 2023
|
| Coupon: | 8.5% until July 28, 2011, then 8.5% per year times proportion of days on which spread of 30-year CMS rate over two-year CMS rate is at least 0%; reset and payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At par on any interest payment date beginning on July 28, 2011
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 2.5%
|
© 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.
