Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers D > Headlines for Dow Jones Industrial Average > News item |
Morgan Stanley plans callable contingent income note on three indexes
By Devika Patel
Knoxville, Tenn., July 6 – Morgan Stanley Finance LLC plans to price callable contingent income securities due July 27, 2023 linked to the lesser performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will be guaranteed by Morgan Stanley.
The notes will pay a contingent semiannual coupon at an annual rate of at least 9.5% if each index closes at or above its coupon barrier level, 70% of its initial index level, on the observation date for that period. The exact coupon will be set at pricing.
The notes are callable at par plus any coupon on any semiannual redemption date beginning on Jan. 28, 2021.
If each index finishes at or above its 70% barrier level, the payout at maturity will be par plus the final contingent coupon. If the final level of any index is less than the barrier level, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Morgan Stanley & Co. LLC is the agent.
The notes (Cusip: 61771BUA0) are expected to price on July 24 and settle July 29.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.