By Angela McDaniels
Tacoma, Wash., July 17 - Morgan Stanley priced another $8 million of fixed-to-floating-rate leveraged CMS curve-linked notes due July 31, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $21 million. Previously, the issuer priced $1 million of the notes on July 9 and $12 million on July 11.
The coupon will be 10% for the first year. After that, it will be 4.5 times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate, subject to a minimum interest rate of zero and a maximum interest rate of 10% per year. Interest is payable monthly.
The payout at maturity will be par.
The issuer said it may increase the issue size further prior to the settlement date but is not required to do so.
Morgan Stanley & Co. LLC is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate leveraged CMS curve-linked notes
|
| Amount: | $21 million, increased from $1 million
|
| Maturity: | July 31, 2028
|
| Coupon: | 10% for first year; beginning July 31, 2014, 4.5 times spread of 30-year CMS rate over five-year CMS rate, subject to minimum of zero and maximum of 10% per year; payable monthly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing dates: | July 9 for $1 million; July 11 for $12 million; July 15 for $8 million
|
| Settlement date: | July 31
|
| Agent: | Morgan Stanley & Co. LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 3.5%
|
| Cusip: | 61760QCY8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
