By Toni Weeks
San Diego, Feb. 10 - Morgan Stanley priced $7.23 million of fixed-to-floating notes due Feb. 11, 2020 tied to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly and will equal 4.5% for the first two years. After that, interest will equal the 10-year CMS rate, subject to a cap of 8% per year.
The payout at maturity will be par plus accrued interest.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $7.23 million
|
| Maturity: | Feb. 11, 2020
|
| Coupon: | 4.5% for first two years; thereafter, equal to the 10-year CMS rate, capped at 8%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 11
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 2.25%
|
| Cusip: | 61745E2X8
|
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