By Sarah Lizee
Olympia, Wash., Sept. 6 – Morgan Stanley priced $3 million of fixed-to-floating notes due Aug. 30, 2024 linked to the federal funds effective rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% per year for the first year. After that, it will be the weighted average of the reference rate plus 50 basis points, subject to a minimum interest rate of 0.1% per year. Interest will be payable monthly.
The weighted average will be the sum of the reference rates for each calendar day in the applicable interest payment period divided by the total number of calendar days in that period.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
|
| Underlying: | Federal funds effective rate
|
| Amount: | $3 million
|
| Maturity: | Aug. 30, 2024
|
| Coupon: | 3% per year for the first year; after that, it will be the weighted average of the reference rate plus 50 bps, subject to a minimum interest rate of 0.1% per year; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.75%
|
| Cusip: | 61760QMQ4
|
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