New Issue: Morgan Stanley sells $17.35 million fixed-to-floating notes tied to CPI

By Susanna Moon

Chicago, Aug. 11 - Morgan Stanley priced $17.35 million of fixed-to-floating notes due Aug. 12, 2023 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5.25% for the first two years. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 200 basis points, up to a maximum interest rate of 8%. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Fixed-to-floating notes
Underlying index:	Consumer Price Index
Amount:	$17,348,000
Maturity:	Aug. 12, 2023
Coupon:	5.25% initially; beginning in third year, year-over-year change in CPI plus 200 bps, capped at 8% and floor of 0%; payable monthly
Price:	Variable prices
Payout at maturity:	Par
Pricing date:	Aug. 9
Settlement date:	Aug. 12
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	61745E6Y2

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