Morgan Stanley plans 20-year range accrual notes on CMS curve, Russell

By Marisa Wong

Madison, Wis., July 13 - Morgan Stanley plans to price CMS curve and Russell 2000 index-linked range accrual notes due July 29, 2031, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 8.5% for the first three years. After that, it will be 8.5% for each day that the 30-year Constant Maturity Swap rate is greater than or equal to the two-year CMS rate and the Russell 2000 closes at or above 600. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

The notes (Cusip: 61745E3S8) will settle on July 29.

Morgan Stanley & Co. LLC is the agent.

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