By Tali Rackner
Norfolk, Va., Jan. 26 – Morgan Stanley priced $1 million of fixed-to-floating-rate notes due Jan. 28, 2021 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 4.25% for the first year. After that, the interest rate will be equal to the 10-year CMS rate. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Fixed-to-floating-rate notes
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Underlying rate: | 10-year Constant Maturity Swap rate
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Amount: | $1 million
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Maturity: | Jan. 28, 2023
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Coupon: | 4.25% for first year; after that, 10-year CMS rate; payable quarterly
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Price: | Par of $1,000
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Payout at maturity: | Par
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Pricing date: | Jan. 22
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Settlement date: | Jan. 28
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Underwriter: | Morgan Stanley & Co. LLC
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Fees: | 1%
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Cusip: | 61760QJJ4
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