Morgan Stanley plans 15-year range accrual notes on CPI, S&P 500

By Jennifer Chiou

New York, May 18 - Morgan Stanley plans to price range accrual notes due May 31, 2026, according to an FWP with the Securities and Exchange Commission.

The coupon will be 8% for the first year. After that, interest will accrue at the year-over-year change in the Consumer Price Index plus 300 basis points for each day that the S&P 500 index closes at or above 1,000. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

The notes (Cusip: 61745ET27) will settle on May 31.

Morgan Stanley & Co. Inc. is the agent.

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