By Angela McDaniels
Tacoma, Wash., Feb. 22 - Morgan Stanley priced $7.55 million of floating-rate notes due Feb. 21, 2020 linked to the 10-year Constant Maturity Sifma Municipal Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly and equals the reference rate plus 50 basis points, subject to a minimum rate of 3% per year in each interest period.
The reference rate was first published on Jan. 20 and is based on the projected long-term interest rates on tax-exempt municipal bonds as well as long-term interest rates generally.
The payout at maturity will be par.
The issuer said it may increase the issue size prior to the settlement date.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Floating-rate notes
|
| Underlying rate: | 10-year Constant Maturity Sifma Municipal Swap rate
|
| Amount: | $7,549,000
|
| Maturity: | Feb. 21, 2020
|
| Coupon: | Reference rate plus 50 bps, subject to minimum rate of 3%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Feb. 17
|
| Settlement date: | Feb. 23
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 2.25%
|
| Cusip: | 61745E4R9
|
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