Morgan Stanley plans fixed-to-float leveraged CMS curve notes due 2028

By Susanna Moon

Chicago, June 19 - Morgan Stanley plans to price fixed-to-floating leveraged CMS curve linked notes due June 28, 2028, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 10% for the first year. After that, it will be four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus a strike of 20 basis points, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent, and Morgan Stanley Smith Barney LLC is the dealer.

The notes will settle on June 28.

The Cusip is 61760QCV4.

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