New York, May 19 – Morgan Stanley priced $4,314,900 of contingent income autocallable securities due May 18, 2018 linked to Chevron Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If Chevron stock closes at or above the downside threshold level of $86.424 on a quarterly determination date, the notes will pay a contingent payment of 8.45% for that quarter.
If Chevron stock closes at or above its redemption threshold on any of the quarterly determination dates, the notes will be redeemed at par plus the contingent payment.
The redemption level will be 105% of the initial level for the first four determination dates, stepping up to 110% of the initial level for the next four determination dates and to 115% of the initial level for the final determination dates.
If the Chevron stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent quarterly payment.
Otherwise, investors will be fully exposed to any losses.
The agent is Morgan Stanley & Co. LLC.
| Issuer: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Chevron Corp.
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| Amount: | $4,314,900
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| Maturity: | May 18, 2018
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| Contingent payment: | 8.45% for quarter if Chevron stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | Par plus contingent coupon if Chevron stock finishes at or above downside threshold; otherwise full exposure to any losses
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| Call: | At par plus contingent payment if Chevron stock closes at or above redemption price on any determination date
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| Initial share price: | $108.03
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| Trigger level: | $86.424, 80% of initial price
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| Redemption level: | 105% of the initial level for the first four determination dates, stepping up to 110% of the initial level for the next four determination dates and to 115% of the initial level for the final determination dates
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| Pricing date: | May 15
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| Settlement date: | May 20
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| Agents: | Morgan Stanley & Co. LLC
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| Fees: | 2%
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| Cusip: | 61765G143
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