By Jennifer Chiou
New York, May 2 - Morgan Stanley priced $2.5 million of fixed-to-floating-rate notes due April 28, 2023 linked to the price of RBOB gasoline, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate will be 7%. Beginning on April 28, 2014, the interest rate will be an annual rate equal to the sum of (a) the commodity price in U.S. cents divided by 100 and (b) 1%. Interest will be payable quarterly.
The commodity price is the official settlement price per gallon of New York Harbor reformulated gasoline blendstock for oxygen blending on the New York Mercantile Exchange of the first nearby month futures contract.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
|
| Underlying asset: | RBOB Gasoline
|
| Amount: | $2.5 million
|
| Maturity: | April 28, 2023
|
| Coupon: | Initially 7%; beginning on April 28, 2014, an annual rate equal to the sum of (a) the commodity price in U.S. cents divided by 100 and (b) 1%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | April 26
|
| Settlement date: | April 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3%
|
| Cusip: | 6174824H4
|
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