New Issue: Morgan Stanley sells $375,000 fixed-to-floating rate notes on SOFR

Chicago, Oct. 2 – Morgan Stanley priced $375,000 of fixed-to-floating rate notes due Sept. 29, 2025 based on SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 4.5% until Sept. 29, 2023. After that, the interest rate will be equal to SOFR plus 75 basis points. There is a 0% floor and a 6% maximum interest rate. Interest will be payable quarterly.

The payout at maturity will be par plus any interest otherwise due.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Fixed-to-floating rate notes
Underlying rate:	SOFR
Amount:	$375,000
Maturity:	Sept. 29, 2025
Coupon:	4.5% annual rate until Sept. 29, 2023, after that SOFR plus 75 bps, subject to a floor of 0% and a cap of 6%; payable quarterly
Price:	Par
Payout at maturity:	Par plus any interest due
Pricing date:	Sept. 27, 2022
Settlement date:	Sept. 29, 2022
Agent:	Morgan Stanley & Co. LLC
Fees:	1%
Cusip:	61761J4U0

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