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Morgan Stanley plans fixed-to-floaters due 2022 with 5% initial rate
By Marisa Wong
Madison, Wis., Dec. 4 - Morgan Stanley plans to price senior fixed-to-floating notes due Dec. 28, 2022, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 5% for the first year. After that, it will be equal to Libor plus 150 basis points, with a minimum rate of 1.75% and a maximum rate of 7%. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 61760QCD4) are expected to settle Dec. 28.
Morgan Stanley & Co. LLC is the agent.
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