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Morgan Stanley plans 3% fixed-to-floaters on 10-year ICE swap rate
By Susanna Moon
Chicago, Nov. 9 – Morgan Stanley Finance LLC plans to price fixed-to-floating notes due Nov. 16, 2021 linked to the 10-year U.S. dollar ICE swap rate, according to an FWP filing with the Securities and Exchange Commission.
Interest will be fixed at 3% for the first year. After that, interest will be the equal to the 10-year U.S. dollar ICE swap rate plus 7.5 basis points, with a minimum interest rate of 0.10%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on Nov. 16.
The Cusip number is 61760QMB7.
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