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Morgan Stanley plans leveraged CMS curve, S&P 500 index-linked notes
By Marisa Wong
Madison, Wis., Aug. 10 - Morgan Stanley plans to price leveraged CMS curve and S&P 500 index-linked notes due Aug. 31, 2026, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 8.5% for the first year. After that, interest will accrue at six times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate for each day that the level of the S&P 500 is at least 850, up to a maximum rate of 12% per year in any interest payment period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes (Cusip: 61745E7E5) will settle on Aug. 31.
Morgan Stanley & Co. LLC is the agent.
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