By Laura Lutz
Des Moines, April 22 - Morgan Stanley priced $21.31 million of Constant Maturity Swap (CMS) curve linked accrual notes due April 25, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will bear interest at 8.375% per year until April 25, 2011.
Thereafter, interest will accrue at 8.375% per year times the proportion of days on which the spread of the 30-year CMS rate over the two-year CMS rate is at least 0%. Interest will be reset and payable quarterly.
The notes are callable in whole, but not in part, at par on any interest payment date beginning on April 25, 2011.
If the notes are not called early, the payout at maturity will be par.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | CMS curve linked accrual notes
|
| Amount: | $21,309,000
|
| Maturity: | April 25, 2023
|
| Interest: | 8.375% until April 25, 2011; thereafter, 8.375% times proportion of days on which spread of 30-year CMS rate over two-year CMS rate is at least 0%; reset and payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from April 25, 2011
|
| Pricing date: | April 18
|
| Settlement date: | April 25
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3%
|
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