By Sarah Lizee
Olympia, Wash., July 3 – Morgan Stanley priced $3 million of fixed-to-floating notes due July 3, 2021 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 3.5% for the first year. After that, interest will be the equal to the 10-year U.S. dollar ICE swap rate, with a minimum interest rate of 0.25%. Interest will be payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
|
| Underlying rate: | 10-year U.S. dollar ICE swap rate
|
| Amount: | $3 million
|
| Maturity: | July 3, 2021
|
| Coupon: | 3.5% until July 3, 2019; after that, equal to the 10-year U.S. dollar ICE swap rate, subject to a 0.25% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 29
|
| Settlement date: | July 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61760QLK8
|
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