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Morgan Stanley plans fixed-to-floating notes on Consumer Price Index
By Toni Weeks
San Diego, May 20 - Morgan Stanley plans to price fixed-to-floating notes due June 9, 2023 linked to the Consumer Price Index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 6.25% for the first year. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 200 basis points, subject to a maximum interest rate of 8%. Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par plus the final interest payment.
The notes (Cusip: 61745ET84) are expected to settle June 9.
Morgan Stanley & Co. Inc. will be the agent.
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