By Jennifer Chiou
New York, Sept. 21 - Morgan Stanley priced $19 million of leveraged CMS curve and S&P 500 index-linked notes due Sept. 22, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 10% for the first three years. After that, it will be equal to four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate for each day that the index closes at or above 850, up to a rate of 10% in any interest payment period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Leveraged CMS curve and S&P 500 index-linked notes
|
| Amount: | $19 million
|
| Maturity: | Sept. 22, 2026
|
| Coupon: | 10% for first three years; after that, four times spread of 30-year CMS rate over two-year CMS rate for each day that S&P closes at or 850, capped at 10% with floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 22
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61745EM32
|
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