New Issue: Morgan Stanley sells $250,000 fixed-to-floating rate notes on SOFR ICE

By Kiku Steinfeld

Chicago, Oct. 9 – Morgan Stanley priced $250,000 of fixed-to-floating rate notes due March 27, 2026 based on 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 5.25% until March 27, 2024. After that, the interest rate will be equal to SOFR plus 100 basis points, subject to a 0.1% interest rate floor. Interest will be payable quarterly.

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

Morgan Stanley & Co. LLC is the agent and Morgan Stanley Wealth Management as a selected dealer.

Issuer:	Morgan Stanley
Issue:	Fixed-to-floating rate notes
Underlying rate:	Two-year U.S. Dollar SOFR ICE swap rate
Amount:	$250,000
Maturity:	March 27, 2026
Coupon:	5.25% annual rate until March 27, 2024, after that SOFR plus 100 bps, subject to a 0.1% interest rate floor; payable quarterly
Price:	Par
Payout at maturity:	Par plus any interest due
Pricing date:	March 23, 2023
Settlement date:	March 27, 2023
Agent:	Morgan Stanley & Co. LLC and Morgan Stanley Wealth Management as a selected dealer
Fees:	0.5%
Cusip:	61760QNX8

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