Morgan Stanley plans fixed-to-floaters due 2024 with 3% initial rate

By Marisa Wong

Madison, Wis., June 5 – Morgan Stanley plans to price fixed-to-floating notes due June 27, 2024, according to an FWP with the Securities and Exchange Commission.

The coupon will be 3% initially. Beginning Dec. 27, 2015, it will be equal to Libor plus 100 basis points, subject to a minimum rate of 0% and a maximum rate of 4% that steps up to 5% on June 27, 2018 and to 6% on June 27, 2021. Interest is payable quarterly.

The payout at maturity will be par.

Morgan Stanley & Co. LLC is the agent.

The notes will settle on June 27.

The Cusip number is 61760QEJ9.

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