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Morgan Stanley plans 10-year fixed-to-floating notes with 7.5% cap
By Susanna Moon
Chicago, May 2 - Morgan Stanley plans to price fixed-to-floating notes due May 12, 2021, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 5% initially. Beginning Nov. 12, 2012, it will be Libor plus 120 basis points, up to a maximum rate of 7.5%. Interest is payable and reset quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. Inc. is the agent.
The notes will settle on May 12.
The Cusip is 61745EP47.
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