Product wrap: Morgan Stanley issues fixed income BRC in UK

EUROPE Adequity distributed Steepener Note Janvier 2023 in France. The capital protected product is listed in Luxembourg and has an eight-year tenor. After two-years of investment, a coupon of 15% is registered, which is payable at redemption. The following years, the coupon is equal to three times the difference between the 30-year EUR constant maturity swap (CMS) rate and the five-year EUR CMS rate . SG Issuer (the issuer) has the option to call the product at the end of each year (from year