Morgan Stanley plans range accrual notes linked to CMS rates, S&P 500

By Angela McDaniels

Tacoma, Wash., Nov. 4 - Morgan Stanley plans to price CMS curve and S&P 500 index-linked range accrual notes due Nov. 16, 2029, according to an FWP filing with the Securities and Exchange Commission.

Interest will be fixed at 10% for the first year. Beginning Nov. 16, 2010, interest will equal 10% per year multiplied by the proportion of days on which the 10-year Constant Maturity Swap rate is greater than or equal to the two-year CMS rate and the closing level of the S&P 500 is at least 775. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning Nov. 16, 2010, the notes will be callable at par on any interest payment date.

The notes will price in November and settle Nov. 16.

Morgan Stanley & Co. Inc. is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.