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Morgan Stanley plans fixed-to-floaters linked to federal funds rate
By Sarah Lizee
Olympia, Wash., Sept. 26 – Morgan Stanley plans to price fixed-to-floating notes due March 27, 2023 linked to the federal funds effective rate, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 2.25% per year for the first year. After that, it will be the weighted average of the reference rate plus 25 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.
The notes will settle Sept. 27.
The Cusip number is 61760QMR2.
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