By Angela McDaniels
Tacoma, Oct. 28 - Morgan Stanley lowered the agent's commission for its $2 million of CMS curve and S&P 500 index-linked range accrual notes due Oct. 27, 2031 to 4%, according to a 424B2 filing with the Securities and Exchange Commission.
The commission was previously 5%. The agent, Morgan Stanley & Co. LLC, will pay varying discounts and commissions to dealers, including Morgan Stanley Smith Barney LLC, of up to 4% per note.
As previously reported, the company increased the size of the issue to $2 million from $1 million on Oct. 26.
The coupon will be 10% for the first year. After that, it will be 10% per year multiplied by the proportion of days on which the 30-year Constant Maturity Swap rate is greater than or equal to the two-year CMS rate and the index closes at or above 850. Interest is payable monthly.
The payout at maturity will be par.
| Issuer: | Morgan Stanley
|
| Issue: | CMS curve and S&P 500 index-linked range accrual notes
|
| Amount: | $2 million, upsized from $1 million
|
| Maturity: | Oct. 27, 2031
|
| Coupon: | 10% for first year; after that, 10% per year multiplied by proportion of days on which 30-year CMS rate is greater than or equal to two-year CMS rate and index closes at or above 850; payable monthly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing dates: | Sept. 30 for $1 million, Oct. 26 for $1 million
|
| Settlement date: | Oct. 27
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4%
|
| Cusip: | 61745EV57
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
