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Morgan Stanley plans range accrual notes on six-month Libor, S&P 500
By Jennifer Chiou
New York, June 24 - Morgan Stanley plans to price range accrual notes due July 13, 2031 linked to six-month Libor and the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
The coupon will be 8% for the first three years. After that, interest will accrue at 8% per year on each day that the six-month Libor stays in the reference range of 0% to 7% and the closing level of the S&P 500 index is at least 950.
Interest is payable monthly.
The payout at maturity will be par.
The notes (Cusip: 61745E2S9) are expected to settle on July 13.
Morgan Stanley & Co. Inc. is the agent.
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