New Issue: Morgan Stanley prices $1 million range accrual notes on CPI, S&P 500

By Susanna Moon

Chicago, May 20 - Morgan Stanley priced $1 million of range accrual notes due May 31, 2026 linked to the Consumer Price Index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 8% for the first year. After that, it will be equal to 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.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Range accrual notes
Underlying indexes:	Consumer Price Index, S&P 500 index
Amount:	$1 million
Maturity:	May 31, 2026
Coupon:	8% for one year; after that, year-over-year change in CPI plus 300 bps for each day that S&P closes at or above 1,000; payable monthly
Price:	Par
Payout at maturity:	Par
Pricing date:	May 18
Settlement date:	May 31
Agent:	Morgan Stanley & Co. Inc.
Fees:	3.5%
Cusip:	61745ET27

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