By Angela McDaniels
Tacoma, Wash., Sept. 27 – Morgan Stanley priced $3 million of fixed-to-floating notes due March 27, 2023 linked to the federal funds effective rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 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 is payable monthly.
The weighted average is 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
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Issue: | Fixed-to-floating notes
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Underlying rate: | Federal funds effective rate
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Amount: | $3 million
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Maturity: | March 27, 2023
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Coupon: | 2.25% per year for one year; beginning Sept. 27, 2020, weighted average of reference rate plus 25 bps, subject to minimum interest rate of 0.1% per year; weighted average is sum of reference rates for each calendar day in applicable interest payment period divided by total number of calendar days in that period; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Sept. 25
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Settlement date: | Sept. 27
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.5%
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Cusip: | 61760QMR2
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