New Issue: Morgan Stanley prices $6.6 million contingent coupon notes on Libor, S&P 500

By Susanna Moon

Chicago, May 27 - Morgan Stanley priced $6.6 million of contingent coupon range accrual notes due May 29, 2026 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 7.5% for the first year. After that, it will equal Libor plus 320 basis points for each day in the quarterly interest payment period that the index closes at or above 950, subject to a maximum rate of 7.5%. Interest is payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Contingent coupon range accrual notes
Underlying index:	S&P 500
Amount:	$6.6 million
Maturity:	May 29, 2026
Coupon:	7.5% for first year; after that, Libor plus 320 bps for each day that index closes at or above 950, capped at 7.5%; payable quarterly
Price:	Par
Payout at maturity:	Par
Initial level:	1,320.47
Pricing date:	May 25
Settlement date:	May 31
Agent:	Morgan Stanley & Co. Inc.
Fees:	3.5%
Cusip:	617482UH5

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