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Morgan Stanley plans 10-year contingent coupon notes on WTI crude oil
By Marisa Wong
Madison, Wis., March 3 - Morgan Stanley plans to price commodity-linked notes with contingent coupon due March 4, 2024 linked to West Texas Intermediate light sweet crude oil, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent annual coupon at a rate equal to the greater of the commodity return and the highest contingent coupon paid on any previous interest payment date, subject to a floor of 0% and a cap of 9%. The commodity return is the change in the commodity price on the applicable interest determination date relative to the initial price.
The payout at maturity will be par plus the final coupon, if any.
Morgan Stanley & Co. LLC is the agent.
The notes will price March 5 and settle March 11.
The Cusip number is 61762GBE3.
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