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Morgan Stanley to price contingent income securities linked to Russell
By Jennifer Chiou
New York, Dec. 3 - Morgan Stanley plans to price contingent income securities due Dec. 26, 2028 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent monthly coupon at the rate of 7.75% per year if the index closes at or above the coupon barrier level, 75% of its initial level, on the related observation date for that month. Otherwise, no coupon will be paid that month.
If the index's final level is greater than or equal to the downside threshold level, 50% of its initial level, the payout at maturity will be par. Investors will receive the final monthly coupon if the index closes at or above the coupon barrier level.
Otherwise, investors will be fully exposed to the decline of the index from its initial level.
The notes (Cusip: 61761JMY2) are expected to price on Dec. 20 and settle on Dec. 26.
Morgan Stanley & Co. LLC is the agent.
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