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Morgan Stanley to price CMS curve, S&P 500 index-linked notes
By Jennifer Chiou
New York, Aug. 1 - Morgan Stanley plans to price CMS curve and S&P 500 index-linked range accrual notes due Aug. 22, 2031, according to an FWP with the Securities and Exchange Commission.
The coupon will be 8.5% for the first year. After that, interest will accrue at 8.5% per year for each day that the 30-year Constant Maturity Swap rate is greater than the two-year CMS rate and the closing level of the S&P 500 is at least 950. Interest is payable monthly.
The payout at maturity will be par.
The notes (Cusip: 61745E5Y3) will settle on Aug. 22.
Morgan Stanley & Co. LLC is the agent.
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