By Toni Weeks
San Diego, Aug. 24 - Morgan Stanley priced $5 million of fixed-to-floating notes due Aug. 24, 2023 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5% for the first two years. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 155 basis points.
Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC will be the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Underlying index: | Consumer Price Index
|
| Amount: | $5 million
|
| Maturity: | Aug. 24, 2023
|
| Coupon: | 5% for first two years; after that, year-over-year change in CPI plus 155 bps, with minimum rate of 0%; payable monthly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 19
|
| Settlement date: | Aug. 24
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 61745E6E6
|
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