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Morgan Stanley to sell six-month Libor, S&P 500 range accrual notes
By Susanna Moon
Chicago, Aug. 31 - Morgan Stanley plans to price six-month Libor and S&P 500 index range accrual notes due Sept. 21, 2024, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year, payable quarterly. After that, interest will accrue at 10% per year for each day that six-month Libor is 7% or less and the S&P 500 index is at least 775.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Dec. 21.
The notes are expected to settle on Sept. 21.
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