Morgan Stanley plans fixed-to-floaters due 2021 linked to 10-year CMS

By Susanna Moon

Chicago, May 2 - Morgan Stanley plans to price senior fixed-to-floating notes due May 21, 2021 linked to the 10-year Constant Maturity Swap rate, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 5% for the first two years. Beginning in the third year, it will be equal to the 10-year CMS rate plus 100 basis points, with a minimum rate of 3%. Interest is payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

The notes will settle on May 21.

The Cusip number is 61760QBE3.

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