Filed pursuant to Rule 433
Dated April 17, 2024
Relating to
Preliminary Pricing Supplement No. 1,834 dated April 17, 2024 to
Registration Statement No. 333-275587
Global Medium-Term Notes, Series I
Floating Rate Senior Notes Due 2028
Fixed/Floating Rate Senior Notes Due 2028
Fixed/Floating Rate Senior Notes Due 2030
Fixed/Floating Rate Senior Notes Due 2035
Floating Rate Senior Notes Due 2028
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Issuer:
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Morgan Stanley
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Principal Amount:
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$1,000,000,000
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Maturity Date:
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April 13, 2028
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Trade Date:
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April 17, 2024
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|
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Original Issue Date
(Settlement):
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April 19, 2024 (T+2)
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|
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Interest Accrual Date:
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April 19, 2024
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|
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Issue Price (Price to Public):
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100.000%
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|
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Agents’ Commission:
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0.250%
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|
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All-in Price:
|
99.750%
|
|
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Net Proceeds to Issuer:
|
$997,500,000
|
|
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Base Rate:
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SOFR (compounded daily over a quarterly Interest Payment Period in accordance with the specific formula described in the below-referenced prospectus). As further described in the
below-referenced prospectus, (i) in determining the Base Rate for a U.S. Government Securities Business Day, the Base Rate generally will be the rate in respect of such day that is provided on the following U.S. Government Securities
Business Day and (ii) in determining the Base Rate for any other day, such as a Saturday, Sunday or holiday, the Base Rate generally will be the rate in respect of the immediately preceding U.S. Government Securities Business Day that is
provided on the following U.S. Government Securities Business Day.
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Spread (Plus or Minus):
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Plus 1.020% (to be added to the accrued interest compounding factor for an Interest Payment Period)
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Index Maturity:
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Daily
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Index Currency:
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U.S. Dollars
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Interest Calculation:
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As further described in the below-referenced prospectus, the amount of interest accrued and payable on the Floating Rate Senior Notes Due 2028 for each Interest Payment Period will be equal to the outstanding principal amount of the
Floating Rate Senior Notes Due 2028 multiplied by the product of: (a) the sum of the accrued interest compounding factor described in the below-referenced prospectus plus the Spread for the relevant Interest Payment Period, multiplied by
(b) the quotient obtained by dividing the actual number of calendar days in such Interest Payment Period by 360. Notwithstanding the foregoing, in no event will the interest rate payable for any Interest Payment Period be less than zero
percent.
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|
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Interest Payment Periods:
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Quarterly.
With respect to an Interest Payment Date, the period from and including the second most recent Interest Payment Period End-Date (or from and including the Original Issue Date in the case of the first Interest
Payment Period) to but excluding the immediately preceding Interest Payment Period End-Date; provided that (i) the Interest Payment Period with respect to the final Interest Payment Date (i.e., the Maturity Date or, if the Issuer elects to
redeem Floating Rate Senior Notes Due 2028, the redemption date for such Floating Rate Senior Notes Due 2028) will be the period from and including the second-to-last Interest Payment Period End-Date to but excluding the Maturity Date or,
if the Issuer elects to redeem Floating Rate Senior Notes Due 2028, to but excluding the redemption date for such Floating Rate Senior Notes Due 2028 (in each case, the final Interest Payment Period End-Date for such Floating Rate Senior
Notes Due 2028) and (ii) with respect to such final Interest Payment Period, the level of SOFR for each calendar day in the period from and including the Rate Cut-Off Date to but excluding the Maturity Date or redemption date, as
applicable, shall be the level of SOFR in respect of such Rate Cut-Off Date
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Interest Payment Period End-Dates:
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The 13th of each January, April, July and October, commencing July 2024 and ending on the Maturity Date or, if the Issuer elects to redeem Floating Rate Senior Notes Due 2028, ending on the
redemption date for such Floating Rate Senior Notes Due 2028; provided that if any scheduled Interest Payment Period End-Date, other than the Maturity Date or, if the Issuer elects to redeem Floating Rate Senior Notes Due 2028, the
redemption date for such Floating Rate Senior Notes Due 2028, falls on a day that is not a business day, it will be postponed to the following business day, except that, if that business day would fall in the next calendar month, the
Interest Payment Period End-Date will be the immediately preceding business day. If the scheduled final Interest Payment Period End-Date (i.e., the Maturity Date or, if the Issuer elects to redeem Floating Rate Senior Notes Due 2028, the
redemption date for such Floating Rate Senior Notes Due 2028) falls on a day that is not a business day, the payment of principal and interest will be made on the next succeeding business day, but interest on that payment will not accrue
during the period from and after the scheduled final Interest Payment Period End-Date
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Interest Payment Dates:
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The second business day following each Interest Payment Period End-Date; provided that the Interest Payment Date with respect to the final Interest Payment Period will be the Maturity Date or,
if the Issuer elects to redeem Floating Rate Senior Notes Due 2028, the redemption date for such Floating Rate Senior Notes Due 2028. If the scheduled Maturity Date or redemption date falls on a day that is not a business day, the payment
of principal and interest will be made on the next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled Maturity Date or redemption date
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Rate Cut-Off Date:
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The second U.S. Government Securities Business Day prior to the Maturity Date or redemption date, as applicable
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Day Count Convention:
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Actual/360
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Optional Redemption:
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The Issuer may, at its option, redeem Floating Rate Senior Notes Due 2028, (i) in whole but not in part, on April 13, 2027 or (ii) in whole at any time or in part from time to time, on or
after March 13, 2028, on at least 5 but not more than 30 days’ prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on such Floating Rate Senior Notes Due 2028 to but excluding the
redemption date. For the avoidance of doubt, if Floating Rate Senior Notes Due 2028 are redeemed in part, the determination of accrued and unpaid interest on such Floating Rate Senior Notes Due 2028 (determined using a final Interest
Payment Date, final Interest Payment Period End-Date and Rate Cut-Off Date relating to the redemption) shall have no effect on the determination of accrued and unpaid interest on Floating Rate Senior Notes Due 2028 that are not so redeemed.
See “Description of Debt Securities – Redemption and Repurchase of Debt Securities – Notice of Redemption” in the below-referenced Prospectus. If the Floating Rate Senior Notes Due 2028 are redeemed prior to their stated maturity date, you
may have to re-invest the proceeds in a lower interest rate environment.
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Specified Currency:
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U.S. Dollars (“$”)
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Minimum Denominations:
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$1,000 and integral multiples of $1,000 in excess thereof
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Business Day:
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New York
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CUSIP:
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61747Y FN0
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ISIN:
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US61747YFN04
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Issuer Ratings*:
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A1 (Moody’s) / A- (Standard & Poor’s) / A+ (Fitch) / A+ (R&I) / A (high) (DBRS)
(Stable / Stable / Stable / Stable / Stable)
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Agents:
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Morgan Stanley & Co. LLC and such other agents as shall be named in the Pricing Supplement for the Floating Rate Senior Notes Due 2028.
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2
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Global Settlement:
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Through The Depository Trust Company, Euroclear or Clearstream, Luxembourg
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* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Floating Rate Senior Notes Due 2028 are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or
instrumentality, nor are they obligations of, or guaranteed by, a bank.
Fixed/Floating Rate Senior Notes Due 2028
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Issuer:
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Morgan Stanley
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|
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Principal Amount:
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$1,500,000,000
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Maturity Date:
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April 13, 2028
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Trade Date:
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April 17, 2024
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|
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Original Issue Date
(Settlement):
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April 19, 2024 (T+2)
|
|
|
Interest Accrual Date:
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April 19, 2024
|
|
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Issue Price (Price to Public):
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100.000%
|
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Agents’ Commission:
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0.250%
|
|
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All-in Price:
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99.750%
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Net Proceeds to Issuer:
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$1,496,250,000
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Fixed Rate Period:
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From and including the Original Issue Date to but excluding April 13, 2027
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Floating Rate Period:
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From and including April 13, 2027 to but excluding the Maturity Date
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Interest Rate:
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During the Fixed Rate Period, 5.652% per annum; during the Floating Rate Period, as described in the specific formula described in the below-referenced prospectus
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Base Rate:
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SOFR (compounded daily over a quarterly Interest Payment Period in accordance with the specific formula described in the below-referenced prospectus). As further described in the
below-referenced prospectus, (i) in determining the Base Rate for a U.S. Government Securities Business Day, the Base Rate generally will be the rate in respect of such day that is provided on the following U.S. Government Securities
Business Day and (ii) in determining the Base Rate for any other day, such as a Saturday, Sunday or holiday, the Base Rate generally will be the rate in respect of the immediately preceding U.S. Government Securities Business Day that is
provided on the following U.S. Government Securities Business Day.
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Spread (Plus or Minus):
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Plus 1.010% (to be added to the accrued interest compounding factor for an Interest Payment Period)
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Index Maturity:
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Daily
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Index Currency:
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U.S. Dollars
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Interest Calculation:
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As further described in the below-referenced prospectus, during the Floating Rate Period, the amount of interest accrued and payable on the Fixed/Floating Rate Senior Notes Due 2028 for each Interest Payment Period will be equal to the
outstanding principal amount of the Fixed/Floating Rate Senior Notes Due 2028 multiplied by the product of: (a) the sum of the accrued interest compounding factor described in the below-referenced prospectus plus the Spread for the relevant
Interest Payment Period, multiplied by (b) the quotient obtained by dividing the actual number of calendar days in such Interest Payment Period by 360. Notwithstanding the foregoing, in no event will the interest rate payable for any
Interest Payment Period be less than zero percent.
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Interest Payment Periods:
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During the Fixed Rate Period, semiannually; during the Floating Rate Period, quarterly.
With respect to an Interest Payment Date during the Floating Rate Period, the period from and including the second most recent Interest Payment Period End-Date (or from and including April 13, 2027 in the case of
the first Interest Payment Period during the Floating Rate Period) to but excluding the immediately preceding Interest Payment Period End-Date; provided that (i) the Interest Payment Period with respect to the final Interest Payment Date
(i.e., the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2028, the redemption date for such Fixed/Floating Rate Senior Notes Due 2028) will be the period from and including the second-to-last Interest
Payment Period End-Date to but excluding the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2028, to but excluding the redemption date for such Fixed/Floating Rate Senior Notes Due 2028 (in each case,
the final Interest Payment Period End-Date for such Fixed/Floating Rate Senior Notes Due 2028) and (ii) with respect to such final Interest Payment Period, the level of SOFR for each calendar day in the period from and including the Rate
Cut-Off Date to but excluding the Maturity Date or redemption date, as applicable, shall be the level of SOFR in respect of such Rate Cut-Off Date
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3
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Interest Payment Period End-Dates:
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With respect to the Floating Rate Period, the 13th of each January, April, July and October, commencing July 2027 and ending on the Maturity Date or, if the Issuer elects to redeem
Fixed/Floating Rate Senior Notes Due 2028, ending on the redemption date for such Fixed/Floating Rate Senior Notes Due 2028; provided that if any scheduled Interest Payment Period End-Date, other than the Maturity Date or, if the Issuer
elects to redeem Fixed/Floating Rate Senior Notes Due 2028, the redemption date for such Fixed/Floating Rate Senior Notes Due 2028, falls on a day that is not a business day, it will be postponed to the following business day, except that,
if that business day would fall in the next calendar month, the Interest Payment Period End-Date will be the immediately preceding business day. If the scheduled final Interest Payment Period End-Date (i.e., the Maturity Date or, if the
Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2028, the redemption date for such Fixed/Floating Rate Senior Notes Due 2028) falls on a day that is not a business day, the payment of principal and interest will be made on the
next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled final Interest Payment Period End-Date
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Interest Payment Dates:
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With respect to the Fixed Rate Period, each April 13 and October 13, commencing October 13, 2024 to and including April 13, 2027; with respect to the Floating Rate Period, the second business
day following each Interest Payment Period End-Date; provided that the Interest Payment Date with respect to the final Interest Payment Period will be the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due
2028, the redemption date for such Fixed/Floating Rate Senior Notes Due 2028. If the scheduled Maturity Date or redemption date falls on a day that is not a business day, the payment of principal and interest will be made on the next
succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled Maturity Date or redemption date
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Rate Cut-Off Date:
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The second U.S. Government Securities Business Day prior to the Maturity Date or redemption date, as applicable
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Day Count Convention:
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During the Fixed Rate Period, 30/360; during the Floating Rate Period, Actual/360
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Optional Redemption:
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Optional Make-Whole Redemption, on or after October 21, 2024 and prior to April 13, 2027, in whole at any time or in part from time to time, on at least 5 but not more than 30 days’ prior notice, as described in
the below-referenced Prospectus under the heading “Description of Debt Securities—Redemption and Repurchase of Debt Securities—Optional Make-Whole Redemption of Debt Securities,” provided that (A) the make-whole redemption price shall be
equal to the greater of: (i) 100% of the principal amount of such Fixed/Floating Rate Senior Notes Due 2028 to be redeemed and (ii) the sum of (a) the present value of the payment of principal on such Fixed/Floating Rate Senior Notes Due
2028 to be redeemed and (b) the present values of the scheduled payments of interest on such Fixed/Floating Rate Senior Notes Due 2028 to be redeemed that would have been payable from the date of redemption to April 13, 2027 (not including
any portion of such payments of interest accrued to the date of redemption), each discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 15 basis
points, as calculated by the premium calculation agent; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the redemption date and (B) “comparable treasury issue” means the U.S. Treasury security
selected by the premium calculation agent as having a maturity comparable to the remaining term of the Fixed/Floating Rate Senior Notes Due 2028 to be redeemed as if the Fixed/Floating Rate Senior Notes Due 2028 matured on April 13, 2027
(“remaining term”) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term.
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4
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In addition, the Issuer may, at its option, redeem Fixed/Floating Rate Senior Notes Due 2028, (i) in whole but not in part, on April 13, 2027 or (ii) in whole at any time or in part from time
to time, on or after March 13, 2028, on at least 5 but not more than 30 days’ prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on such Fixed/Floating Rate Senior Notes Due 2028 to
but excluding the redemption date. For the avoidance of doubt, if Fixed/Floating Rate Senior Notes Due 2028 are redeemed in part, the determination of accrued and unpaid interest on such Fixed/Floating Rate Senior Notes Due 2028 (determined
using a final Interest Payment Date, final Interest Payment Period End-Date and Rate Cut-Off Date relating to the redemption) shall have no effect on the determination of accrued and unpaid interest on Fixed/Floating Rate Senior Notes Due
2028 that are not so redeemed. See “Description of Debt Securities – Redemption and Repurchase of Debt Securities – Notice of Redemption” in the below-referenced Prospectus. If the Fixed/Floating Rate Senior Notes Due 2028 are redeemed
prior to their stated maturity date, you may have to re-invest the proceeds in a lower interest rate environment.
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||
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Specified Currency:
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U.S. Dollars (“$”)
|
|
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Minimum Denominations:
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$1,000 and integral multiples of $1,000 in excess thereof
|
|
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Business Day:
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New York
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|
|
CUSIP:
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61747Y FP5
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ISIN:
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US61747YFP51
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|
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Issuer Ratings*:
|
A1 (Moody’s) / A- (Standard & Poor’s) / A+ (Fitch) / A+ (R&I) / A (high) (DBRS)
(Stable / Stable / Stable / Stable / Stable)
|
|
|
Agents:
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Morgan Stanley & Co. LLC and such other agents as shall be named in the Pricing Supplement for the Fixed/Floating Rate Senior Notes Due 2028.
|
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Global Settlement:
|
Through The Depository Trust Company, Euroclear or Clearstream, Luxembourg
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* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Fixed/Floating Rate Senior Notes Due 2028 are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency
or instrumentality, nor are they obligations of, or guaranteed by, a bank.
Fixed/Floating Rate Senior Notes Due 2030
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Issuer:
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Morgan Stanley
|
|
|
Principal Amount:
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$2,500,000,000
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Maturity Date:
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April 18, 2030
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Trade Date:
|
April 17, 2024
|
|
|
Original Issue Date
(Settlement):
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April 19, 2024 (T+2)
|
|
|
Interest Accrual Date:
|
April 19, 2024
|
|
|
Issue Price (Price to Public):
|
100.000%
|
|
|
Agents’ Commission:
|
0.350%
|
|
|
All-in Price:
|
99.650%
|
|
|
Net Proceeds to Issuer:
|
$2,491,250,000
|
|
|
Fixed Rate Period:
|
From and including the Original Issue Date to but excluding April 18, 2029
|
|
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Floating Rate Period:
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From and including April 18, 2029 to but excluding the Maturity Date
|
5
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Interest Rate:
|
During the Fixed Rate Period, 5.656% per annum; during the Floating Rate Period, as described in the specific formula described in the below-referenced prospectus
|
|
|
Base Rate:
|
SOFR (compounded daily over a quarterly Interest Payment Period in accordance with the specific formula described in the below-referenced prospectus). As further described in the
below-referenced prospectus, (i) in determining the Base Rate for a U.S. Government Securities Business Day, the Base Rate generally will be the rate in respect of such day that is provided on the following U.S. Government Securities
Business Day and (ii) in determining the Base Rate for any other day, such as a Saturday, Sunday or holiday, the Base Rate generally will be the rate in respect of the immediately preceding U.S. Government Securities Business Day that is
provided on the following U.S. Government Securities Business Day.
|
|
|
Spread (Plus or Minus):
|
Plus 1.260% (to be added to the accrued interest compounding factor for an Interest Payment Period)
|
|
|
Index Maturity:
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Daily
|
|
|
Index Currency:
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U.S. Dollars
|
|
|
Interest Calculation:
|
As further described in the below-referenced prospectus, during the Floating Rate Period, the amount of interest accrued and payable on the Fixed/Floating Rate Senior Notes Due 2030 for each Interest Payment Period will be equal to the
outstanding principal amount of the Fixed/Floating Rate Senior Notes Due 2030 multiplied by the product of: (a) the sum of the accrued interest compounding factor described in the below-referenced prospectus plus the Spread for the relevant
Interest Payment Period, multiplied by (b) the quotient obtained by dividing the actual number of calendar days in such Interest Payment Period by 360. Notwithstanding the foregoing, in no event will the interest rate payable for any
Interest Payment Period be less than zero percent.
|
|
|
Interest Payment Periods:
|
During the Fixed Rate Period, semiannually; during the Floating Rate Period, quarterly.
With respect to an Interest Payment Date during the Floating Rate Period, the period from and including the second most recent Interest Payment Period End-Date (or from and including April 18,
2029 in the case of the first Interest Payment Period during the Floating Rate Period) to but excluding the immediately preceding Interest Payment Period End-Date; provided that (i) the Interest Payment Period with respect to the final
Interest Payment Date (i.e., the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2030, the redemption date for such Fixed/Floating Rate Senior Notes Due 2030) will be the period from and including the
second-to-last Interest Payment Period End-Date to but excluding the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2030, to but excluding the redemption date for such Fixed/Floating Rate Senior Notes
Due 2030 (in each case, the final Interest Payment Period End-Date for such Fixed/Floating Rate Senior Notes Due 2030) and (ii) with respect to such final Interest Payment Period, the level of SOFR for each calendar day in the period from
and including the Rate Cut-Off Date to but excluding the Maturity Date or redemption date, as applicable, shall be the level of SOFR in respect of such Rate Cut-Off Date
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|
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Interest Payment Period End-
Dates: |
With respect to the Floating Rate Period, the 18th of each January, April, July and October, commencing July 2029 and ending on the Maturity Date or, if the Issuer elects to redeem
Fixed/Floating Rate Senior Notes Due 2030, ending on the redemption date for such Fixed/Floating Rate Senior Notes Due 2030; provided that if any scheduled Interest Payment Period End-Date, other than the Maturity Date or, if the Issuer
elects to redeem Fixed/Floating Rate Senior Notes Due 2030, the redemption date for such Fixed/Floating Rate Senior Notes Due 2030, falls on a day that is not a business day, it will be postponed to the following business day, except that,
if that business day would fall in the next calendar month, the Interest Payment Period End-Date will be the immediately preceding business day. If the scheduled final Interest Payment Period End-Date (i.e., the Maturity Date or, if the
Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2030, the redemption date for such Fixed/Floating Rate Senior Notes Due 2030) falls on a day that is not a business day, the payment of principal and interest will be made on the
next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled final Interest Payment Period End-Date
|
|
|
Interest Payment Dates:
|
With respect to the Fixed Rate Period, each April 18 and October 18, commencing October 18, 2024 to and including April 18, 2029; with respect to the Floating Rate Period, the second business day following each
Interest Payment Period End-Date; provided that the Interest Payment Date with respect to the final Interest Payment Period will be the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2030, the
redemption date for such Fixed/Floating Rate Senior Notes Due 2030. If the scheduled Maturity Date or redemption date falls on a day that is not a business day, the payment of principal and interest will be made on the next succeeding
business day, but interest on that payment will not accrue during the period from and after the scheduled Maturity Date or redemption date
|
6
|
Rate Cut-Off Date:
|
The second U.S. Government Securities Business Day prior to the Maturity Date or redemption date, as applicable
|
|
|
Day Count Convention:
|
During the Fixed Rate Period, 30/360; during the Floating Rate Period, Actual/360
|
|
|
Optional Redemption:
|
Optional Make-Whole Redemption, on or after October 21, 2024 and prior to April 18, 2029, in whole at any time or in part from time to time, on at least 5 but not more than 30 days’ prior
notice, as described in the below-referenced Prospectus under the heading “Description of Debt Securities—Redemption and Repurchase of Debt Securities—Optional Make-Whole Redemption of Debt Securities,” provided that (A) the make-whole
redemption price shall be equal to the greater of: (i) 100% of the principal amount of such Fixed/Floating Rate Senior Notes Due 2030 to be redeemed and (ii) the sum of (a) the present value of the payment of principal on such
Fixed/Floating Rate Senior Notes Due 2030 to be redeemed and (b) the present values of the scheduled payments of interest on such Fixed/Floating Rate Senior Notes Due 2030 to be redeemed that would have been payable from the date of
redemption to April 18, 2029 (not including any portion of such payments of interest accrued to the date of redemption), each discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the treasury rate plus 20 basis points, as calculated by the premium calculation agent; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the redemption date and (B) “comparable treasury
issue” means the U.S. Treasury security selected by the premium calculation agent as having a maturity comparable to the remaining term of the Fixed/Floating Rate Senior Notes Due 2030 to be redeemed as if the Fixed/Floating Rate Senior
Notes Due 2030 matured on April 18, 2029 (“remaining term”) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term.
In addition, the Issuer may, at its option, redeem Fixed/Floating Rate Senior Notes Due 2030, (i) in whole but not in part, on April 18, 2029 or (ii) in whole at any time or in part from time
to time, on or after March 18, 2030, on at least 5 but not more than 30 days’ prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on such Fixed/Floating Rate Senior Notes Due 2030 to
but excluding the redemption date. For the avoidance of doubt, if Fixed/Floating Rate Senior Notes Due 2030 are redeemed in part, the determination of accrued and unpaid interest on such Fixed/Floating Rate Senior Notes Due 2030 (determined
using a final Interest Payment Date, final Interest Payment Period End-Date and Rate Cut-Off Date relating to the redemption) shall have no effect on the determination of accrued and unpaid interest on Fixed/Floating Rate Senior Notes Due
2030 that are not so redeemed. See “Description of Debt Securities – Redemption and Repurchase of Debt Securities – Notice of Redemption” in the below-referenced Prospectus. If the Fixed/Floating Rate Senior Notes Due 2030 are redeemed
prior to their stated maturity date, you may have to re-invest the proceeds in a lower interest rate environment.
|
|
|
Specified Currency:
|
U.S. Dollars (“$”)
|
|
|
Minimum Denominations:
|
$1,000 and integral multiples of $1,000 in excess thereof
|
|
|
Business Day:
|
New York
|
|
|
CUSIP:
|
61747Y FQ3
|
|
|
ISIN:
|
US61747YFQ35
|
|
|
Issuer Ratings*:
|
A1 (Moody’s) / A- (Standard & Poor’s) / A+ (Fitch) / A+ (R&I) / A (high) (DBRS)
(Stable / Stable / Stable / Stable / Stable)
|
|
|
Agents:
|
Morgan Stanley & Co. LLC and such other agents as shall be named in the Pricing Supplement for the Fixed/Floating Rate Senior Notes Due 2030.
|
7
|
Global Settlement:
|
Through The Depository Trust Company, Euroclear or Clearstream, Luxembourg
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* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Fixed/Floating Rate Senior Notes Due 2030 are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency
or instrumentality, nor are they obligations of, or guaranteed by, a bank.
Fixed/Floating Rate Senior Notes Due 2035
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Issuer:
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Morgan Stanley
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Principal Amount:
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$3,000,000,000
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Maturity Date:
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April 19, 2035
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Trade Date:
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April 17, 2024
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Original Issue Date
(Settlement):
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April 19, 2024 (T+2)
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Interest Accrual Date:
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April 19, 2024
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Issue Price (Price to Public):
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100.000%
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Agents’ Commission:
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0.450%
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All-in Price:
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99.550%
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Net Proceeds to Issuer:
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$2,986,500,000
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Fixed Rate Period:
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From and including the Original Issue Date to but excluding April 19, 2034
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Floating Rate Period:
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From and including April 19, 2034 to but excluding the Maturity Date
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Interest Rate:
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During the Fixed Rate Period, 5.831% per annum; during the Floating Rate Period, as described in the specific formula described in the below-referenced prospectus
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Base Rate:
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SOFR (compounded daily over a quarterly Interest Payment Period in accordance with the specific formula described in the below-referenced prospectus). As further described in the
below-referenced prospectus, (i) in determining the Base Rate for a U.S. Government Securities Business Day, the Base Rate generally will be the rate in respect of such day that is provided on the following U.S. Government Securities
Business Day and (ii) in determining the Base Rate for any other day, such as a Saturday, Sunday or holiday, the Base Rate generally will be the rate in respect of the immediately preceding U.S. Government Securities Business Day that is
provided on the following U.S. Government Securities Business Day.
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Spread (Plus or Minus):
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Plus 1.580% (to be added to the accrued interest compounding factor for an Interest Payment Period)
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Index Maturity:
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Daily
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Index Currency:
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U.S. Dollars
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Interest Calculation:
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As further described in the below-referenced prospectus, during the Floating Rate Period, the amount of interest accrued and payable on the Fixed/Floating Rate Senior Notes Due 2035 for each Interest Payment Period will be equal to the
outstanding principal amount of the Fixed/Floating Rate Senior Notes Due 2035 multiplied by the product of: (a) the sum of the accrued interest compounding factor described in the below-referenced prospectus plus the Spread for the relevant
Interest Payment Period, multiplied by (b) the quotient obtained by dividing the actual number of calendar days in such Interest Payment Period by 360. Notwithstanding the foregoing, in no event will the interest rate payable for any
Interest Payment Period be less than zero percent.
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Interest Payment Periods:
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During the Fixed Rate Period, semiannually; during the Floating Rate Period, quarterly.
With respect to an Interest Payment Date during the Floating Rate Period, the period from and including the second most recent Interest Payment Period End-Date (or from and including April 19, 2034 in the case of
the first Interest Payment Period during the Floating Rate Period) to but excluding the immediately preceding Interest Payment Period End-Date; provided that (i) the Interest Payment Period with respect to the final Interest Payment Date
(i.e., the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2035, the redemption date for such Fixed/Floating Rate Senior Notes Due 2035) will be the period from and including the second-to-last Interest
Payment Period End-Date to but excluding the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2035, to but excluding the redemption date for such Fixed/Floating Rate Senior Notes Due 2035 (in each case,
the final Interest Payment Period End-Date for such Fixed/Floating Rate Senior Notes Due 2035) and (ii) with respect to such final Interest Payment Period, the level of SOFR for each calendar day in the period from and including the Rate
Cut-Off Date to but excluding the Maturity Date or redemption date, as applicable, shall be the level of SOFR in respect of such Rate Cut-Off Date
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Interest Payment Period End-Dates:
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With respect to the Floating Rate Period, the 19th of each January, April, July and October, commencing July 2034 and ending on the Maturity Date or, if the Issuer elects to redeem
Fixed/Floating Rate Senior Notes Due 2035, ending on the redemption date for such Fixed/Floating Rate Senior Notes Due 2035; provided that if any scheduled Interest Payment Period End-Date, other than the Maturity Date or, if the Issuer
elects to redeem Fixed/Floating Rate Senior Notes Due 2035, the redemption date for such Fixed/Floating Rate Senior Notes Due 2035, falls on a day that is not a business day, it will be postponed to the following business day, except that,
if that business day would fall in the next calendar month, the Interest Payment Period End-Date will be the immediately preceding business day. If the scheduled final Interest Payment Period End-Date (i.e., the Maturity Date or, if the
Issuer elects to redeem Fixed/Floating Rate Senior Notes Due 2035, the redemption date for such Fixed/Floating Rate Senior Notes Due 2035) falls on a day that is not a business day, the payment of principal and interest will be made on the
next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled final Interest Payment Period End-Date
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Interest Payment Dates:
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With respect to the Fixed Rate Period, each April 19 and October 19, commencing October 19, 2024 to and including April 19, 2034; with respect to the Floating Rate Period, the second business
day following each Interest Payment Period End-Date; provided that the Interest Payment Date with respect to the final Interest Payment Period will be the Maturity Date or, if the Issuer elects to redeem Fixed/Floating Rate Senior Notes Due
2035, the redemption date for such Fixed/Floating Rate Senior Notes Due 2035. If the scheduled Maturity Date or redemption date falls on a day that is not a business day, the payment of principal and interest will be made on the next
succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled Maturity Date or redemption date
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Rate Cut-Off Date:
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The second U.S. Government Securities Business Day prior to the Maturity Date or redemption date, as applicable
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Day Count Convention:
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During the Fixed Rate Period, 30/360; during the Floating Rate Period, Actual/360
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Optional Redemption:
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Optional Make-Whole Redemption, on or after October 21, 2024 and prior to April 19, 2034, in whole at any time or in part from time to time, on at least 5 but not more than 30 days’ prior notice, as described in
the below-referenced Prospectus under the heading “Description of Debt Securities—Redemption and Repurchase of Debt Securities—Optional Make-Whole Redemption of Debt Securities,” provided that (A) the make-whole redemption price shall be
equal to the greater of: (i) 100% of the principal amount of such Fixed/Floating Rate Senior Notes Due 2035 to be redeemed and (ii) the sum of (a) the present value of the payment of principal on such Fixed/Floating Rate Senior Notes Due
2035 to be redeemed and (b) the present values of the scheduled payments of interest on such Fixed/Floating Rate Senior Notes Due 2035 to be redeemed that would have been payable from the date of redemption to April 19, 2034 (not including
any portion of such payments of interest accrued to the date of redemption), each discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 20 basis
points, as calculated by the premium calculation agent; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the redemption date and (B) “comparable treasury issue” means the U.S. Treasury security
selected by the premium calculation agent as having a maturity comparable to the remaining term of the Fixed/Floating Rate Senior Notes Due 2035 to be redeemed as if the Fixed/Floating Rate Senior Notes Due 2035 matured on April 19, 2034
(“remaining term”) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term.
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In addition, the Issuer may, at its option, redeem Fixed/Floating Rate Senior Notes Due 2035, (i) in whole but not in part, on April 19, 2034 or (ii) in whole at any time or in part from time
to time, on or after January 19, 2035, on at least 5 but not more than 30 days’ prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on such Fixed/Floating Rate Senior Notes Due 2035
to but excluding the redemption date. For the avoidance of doubt, if Fixed/Floating Rate Senior Notes Due 2035 are redeemed in part, the determination of accrued and unpaid interest on such Fixed/Floating Rate Senior Notes Due 2035
(determined using a final Interest Payment Date, final Interest Payment Period End-Date and Rate Cut-Off Date relating to the redemption) shall have no effect on the determination of accrued and unpaid interest on Fixed/Floating Rate Senior
Notes Due 2035 that are not so redeemed. See “Description of Debt Securities – Redemption and Repurchase of Debt Securities – Notice of Redemption” in the below-referenced Prospectus. If the Fixed/Floating Rate Senior Notes Due 2035 are
redeemed prior to their stated maturity date, you may have to re-invest the proceeds in a lower interest rate environment.
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Specified Currency:
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U.S. Dollars (“$”)
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Minimum Denominations:
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$1,000 and integral multiples of $1,000 in excess thereof
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Business Day:
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New York
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CUSIP:
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61747Y FR1
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ISIN:
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US61747YFR18
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Issuer Ratings*:
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A1 (Moody’s) / A- (Standard & Poor’s) / A+ (Fitch) / A+ (R&I) / A (high) (DBRS)
(Stable / Stable / Stable / Stable / Stable)
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Agents:
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Morgan Stanley & Co. LLC and such other agents as shall be named in the Pricing Supplement for the Fixed/Floating Rate Senior Notes Due 2035.
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Global Settlement:
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Through The Depository Trust Company, Euroclear or Clearstream, Luxembourg
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* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Fixed/Floating Rate Senior Notes Due 2035 are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency
or instrumentality, nor are they obligations of, or guaranteed by, a bank.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offerings to which this communication relates. Before you invest, you
should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and these offerings. You may get these documents for free by visiting EDGAR on the SEC
web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offerings will arrange to send you the prospectus if you request it by calling toll free 1-866-718-1649.
When you read the prospectus supplement, please note that all references in such prospectus supplement to the prospectus dated November 16, 2023, or to any sections therein, should
refer instead to the prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable.
No EEA PRIIPs KID – No PRIIPs key information document (KID) has been prepared as the notes are not available to retail investors in the EEA.
No UK PRIIPs KID – No PRIIPs key information document (KID) has been prepared as the notes are not available to retail investors in the United Kingdom.
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