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Morgan Stanley plans fixed-to-floaters on indexes, ICE swap rates
By Wendy Van Sickle
Columbus, Ohio, Sept. 12 – Morgan Stanley Finance LLC plans to price fixed-to-floating rate securities due Sept. 30, 2036 linked to the S&P 500 index and the Russell 2000 index, according to an FWP 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 two years. After that, it will accrue at 20 times the 30-year ICE swap rate minus the two-year ICE swap rate for each day both indexes close above 65% of their initial levels, subject to a maximum rate of 9% 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 Sept. 30.
The Cusip number is 61766YAP6.
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