Morgan Stanley to price renminbi-denominated fixed-rate step-up notes

By Marisa Wong

Madison, Wis., Jan. 25 - Morgan Stanley plans to price Chinese renminbi-denominated senior fixed-rate step-up notes due Feb. 11, 2016, according to an FWP filing with the Securities and Exchange Commission.

The securities are renminbi-denominated, but all interest payments and the payout at maturity will be made in dollars.

The coupon will be 0.5% for the first year. After that, the rate will step up by 0.25% each year. Interest is payable annually.

The payout at maturity will be par.

The notes (Cusip: 058615234) are expected to settle Feb. 11.

Morgan Stanley & Co. International plc is the underwriter.

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