New Issue: Morgan Stanley prices $6 million fixed-to-floaters on 10-year CMS rate

By Susanna Moon

Chicago, May 18 - Morgan Stanley priced $6 million of fixed-to-floating notes due May 21, 2021 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5% for the first two years. After that, the rate will be equal to the 10-year CMS rate plus 100 basis points, with a minimum rate of 3%. Interest is payable monthly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Fixed-to-floating notes
Amount:	$6 million
Maturity:	May 21, 2021
Coupon:	5% initially; beginning May 21, 2014, equal to 10-year CMS rate plus 100 basis points, floor of 3%; payable monthly
Price:	Variable
Payout at maturity:	Par
Pricing date:	May 16
Settlement date:	May 21
Agent:	Morgan Stanley & Co. LLC
Fees:	1.75%
Cusip:	61760QBE3

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