By Angela McDaniels
Tacoma, Wash., Oct. 2 - Morgan Stanley priced $5 million of fixed-to-floating-rate notes due Oct. 10, 2024 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5% for the first two years. Beginning Oct. 10, 2014, it will be equal to the year-over-year change in the Consumer Price Index plus 150 basis points, subject to a minimum interest rate of zero and a maximum interest rate of 6.5% per year. Interest is payable monthly.
The payout at maturity will be par.
The issuer said it may increase the issue size prior to the settlement date but is not required to do so.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating-rate notes
|
| Underlying index: | Consumer Price Index
|
| Amount: | $5 million
|
| Maturity: | Oct. 10, 2024
|
| Coupon: | 5% for first two years; beginning Oct. 10, 2014, year-over-year change in index plus 150 bps, subject to minimum interest rate of zero and maximum interest rate of 6.5% per year; payable monthly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing dates: | Sept. 28
|
| Settlement date: | Oct. 10
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61760QBZ6
|
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