By Susanna Moon
Chicago, March 29 - Morgan Stanley priced $5 million of leveraged callable CMS curve-linked notes due March 30, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will accrue at 11% for the first two years. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, up to a maximum rate of 15%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning March 30, 2012.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Leveraged callable CMS curve-linked notes
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Amount: | $5 million
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Maturity: | March 30, 2030
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Coupon: | 11% for first two years; then four times the spread of 30-year CMS rate over two-year CMS rate, capped at 15%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates beginning March 30, 2012
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Pricing date: | March 26
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Settlement date: | March 30
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 4%
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Cusip: | 61745E5P2
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