New Issue: Morgan Stanley sells $1.66 million fixed-to-floating rate notes on SOFR

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – Morgan Stanley priced $1.66 million of fixed-to-floating rate notes due Dec. 8, 2033 based on SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 6% until Dec. 8, 2026. After that, the interest rate will be equal to SOFR plus 150 basis points. There is a 2% floor and a 7% 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:	$1,661,000
Maturity:	Dec. 8, 2033
Coupon:	6% annual rate until Dec. 8, 2026, then SOFR plus 150 bps, subject to a floor of 2% and a cap of 7%; payable quarterly
Price:	Par
Payout at maturity:	Par plus any interest due
Pricing date:	Dec. 6
Settlement date:	Dec. 8
Agent:	Morgan Stanley & Co. LLC
Fees:	1.75%
Cusip:	61761J5W5

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