New Issue: Morgan Stanley sells $870,000 fixed-to-floating rate notes on SOFR ICE swap rate

By Kiku Steinfeld

Chicago, July 3 – Morgan Stanley Finance LLC priced $870,000 of fixed-to-floating rate notes due Aug. 13, 2024 based on the two-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 6% until Aug 13, 2023. After that, the interest rate will be equal to the two-year U.S. dollar SOFR ICE swap rate plus 0.25%. Interest will be payable quarterly and cannot be less than 0.1%.

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

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Fixed-to-floating rate notes
Underlying rate:	Two-year U.S. dollar SOFR ICE swap rate
Amount:	$870,000
Maturity:	Aug. 13, 2024
Coupon:	6% annual rate until Aug 13, 2023, then two-year U.S. dollar SOFR ICE swap rate plus 0.25%, subject to a floor of 0%; payable quarterly
Price:	Par
Payout at maturity:	Par plus any interest due
Pricing date:	Feb. 9, 2023
Settlement date:	Feb. 13, 2023
Agent:	Morgan Stanley & Co. LLC
Fees:	0.25%
Cusip:	61760QNT7

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