Morgan Stanley plans leveraged CMS curve, S&P 500-tied notes due 2027

By Susanna Moon

Chicago, March 15 - Morgan Stanley plans to price leveraged CMS curve and S&P 500 index-linked notes due March 30, 2027, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 11% for the first two years. After that, it will be five times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum annualized rate of 11%, for each day that the index closes at or above 935. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

The notes will settle on March 30.

The Cusip is 61760QAP9.

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