New Issue: Morgan Stanley sells $730,000 fixed-to-floating rate notes on SOFR

Chicago, Jan. 31 – Morgan Stanley priced $730,000 of fixed-to-floating rate notes due Jan. 12, 2034 based on SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 5% until Jan. 12, 2029. After that, the interest rate will be equal to SOFR plus 115 basis points. There is a 2% 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:	$730,000
Maturity:	Jan. 12, 2034
Coupon:	5% annual rate until Jan. 12, 2029, then SOFR plus 115 bps, subject to a floor of 2% and a cap of 6%; payable quarterly
Price:	Par
Payout at maturity:	Par plus any interest due
Pricing date:	Jan. 10
Settlement date:	Jan. 12
Agent:	Morgan Stanley & Co. LLC
Fees:	1.75%
Cusip:	61761J5Y1

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