New Issue: Morgan Stanley prices $2 million fixed-to-floaters tied to SOFR

By Wendy Van Sickle

Columbus, Ohio, Oct. 26 – Morgan Stanley priced $2 million of fixed-to-floating notes due April 22, 2029, according to an 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% until Oct. 22, 2022. After that, the interest rate will be equal to SOFR plus a spread of 50 basis points. Interest will be payable monthly and cannot be less than zero or greater than 4%.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Fixed-to-floating notes
Underlying rate:	SOFR
Amount:	$2 million
Maturity:	April 22, 2029
Coupon:	2% initially; beginning Oct. 22, 2022, equal to SOFR plus 50 bps, subject to a 0% floor and a 4% cap; payable monthly
Price:	Par
Payout at maturity:	Par
Pricing date:	Oct. 20
Settlement date:	Oct. 22
Agent:	Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61761J4J5

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