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Morgan Stanley plans fixed-to-floaters on indexes, ICE swap rates
By Wendy Van Sickle
Columbus, Ohio, June 10 – Morgan Stanley Finance LLC plans to price fixed-to-floating rate securities due June 30, 2036 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly and will be at a rate of 9% for the first three years. After that, it will accrue at 10 times the 30-year ICE swap rate minus the two-year ICE swap rate for each day both indexes close above 60% of their initial levels, subject to a maximum rate of 10% and a floor of zero.
The payout at maturity will be par unless either index finishes below its 50% barrier level, in which case investors will be fully exposed to the loss of the worse performing index.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on June 30.
The Cusip number is 61766YAE1.
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