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Morgan Stanley to price fixed-to-floaters on Consumer Price Index
By Jennifer Chiou
New York, July 25 - Morgan Stanley plans to price fixed-to-floating notes due Aug. 12, 2023 linked to the Consumer Price Index, according to an FWP with the Securities and Exchange Commission.
The coupon will be 5% for the first two years. After that, it will be equal to the year-over-year change in the Consumer Price Index plus 200 basis points, up to a maximum rate of 8%. Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par plus the final interest payment.
The notes (Cusip: 61745E5L1) are expected to settle on Aug. 12.
Morgan Stanley & Co. Inc. is the agent.
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