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Morgan Stanley plans contingent coupon range accrual notes on S&P 500
By Toni Weeks
San Diego, April 8 - Morgan Stanley plans to price contingent coupon range accrual notes due April 24, 2026 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The coupon will be fixed at 7% for the first year. Beginning April 28, 2012, the rate will accrue at 7% multiplied by the proportion of days on which the closing level of the S&P 500 index is at least 975.
The payment at maturity will be par plus accrued interest.
The notes (Cusip: 617482TM6) are expected to price April 25 and settle April 28.
Morgan Stanley & Co. Inc. is the agent.
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