New Issue: Morgan Stanley sells $1.38 million notes on gold with 8% floor, 50% cap

By Susanna Moon

Chicago, Dec. 27 - Morgan Stanley priced $1.38 million of 0% commodity-linked notes due Dec. 28, 2015 linked to the price of gold, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any gain in the price of gold, with a minimum payout of $1,080 per $1,000 principal amount and up to a maximum settlement amount of $1,500 per note.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Commodity-linked notes
Underlying commodity:	Gold
Amount:	$1.38 million
Maturity:	Dec. 28, 2015
Coupon:	0%
Price:	Variable prices
Payout at maturity:	Par plus any gain in gold, subject to minimum return of 8% and maximum return of 50%
Initial gold price:	$1,608
Pricing date:	Dec. 22
Settlement date:	Dec. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	3%
Cusip:	617482L28

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