New Issue: Morgan Stanley prices $1.66 million fixed-to-floaters with 2.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, Sept. 21 – Morgan Stanley priced $1.66 million of fixed-to-floating-rate notes due Sept. 22, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.25% for the first two years. Then it will be Libor plus 110 basis points, subject to a maximum rate of 5% per year. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Fixed- to floating-rate notes
Underlier:	Three-month Libor
Amount:	$1,655,000
Maturity:	Sept. 22, 2023
Coupon:	2.25% for first two years; after that, Libor plus 110 bps, subject to a minimum interest rate of zero and a maximum interest rate of 5% per year; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Sept. 19
Settlement date:	Sept. 22
Agent:	J.P. Morgan Securities LLC
Fees:	0.75%
Cusip:	61760QJY1

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