Published on 7/20/2018 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $25 million step-up notes with 3% initial rate
By Sarah Lizee
Olympia, Wash., July 20 – Morgan Stanley priced $25 million of fixed-rate step-up notes due July 23, 2021, according to a 424B2 filed with the Securities and Exchange Commission.
The coupon is initially 3%. It will step up to 3.25% on July 23, 2019 and to 3.5% on July 23, 2020. Interest is payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent, and Morgan Stanley Wealth Management is handling distribution.
Issuer: | Morgan Stanley
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Issue: | Fixed-rate step-up notes
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Amount: | $25 million
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Maturity: | July 23, 2021
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Coupon: | 3% initially, stepping up to 3.25% on July 23, 2019 and to 3.5% on July 23, 2020; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | July 19
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Settlement date: | July 23
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Agent: | Morgan Stanley & Co. LLC
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Distribution: | Morgan Stanley Wealth Management
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Fees: | 0.3%
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Cusip: | 61760QLL6
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