Published on 12/30/2013 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.36 million worst-of autocallables linked to four stocks
By Angela McDaniels
Tacoma, Wash., Dec. 26 - Morgan Stanley priced $4.36 million of 0% worst-of autocallable securities due June 30, 2015 linked to the common stocks of EMC Corp., International Business Machines Corp., Amgen Inc. and Coca-Cola Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a return of 14% per year if each stock closes at or above its initial share price on June 23, 2014, Sept. 23, 2014, Dec. 23, 2014 or March 23, 2015.
If the final share price of each stock is greater than or equal to its initial price, the payout at maturity will be par plus 21%.
If the final price of any stock is less than its initial price but the final share price of each stock is greater than or equal to its 60% downside threshold level, the payout will be par.
If the final share price of any stock is less than its 60% downside threshold level, investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price of that stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Worst-of autocallable securities
|
| Underlying stocks: | EMC Corp., International Business Machines Corp., Amgen Inc. and Coca-Cola Co.
|
| Amount: | $4,355,000
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| Maturity: | June 30, 2015
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final share price of each stock is greater than or equal to initial price, par plus 21%; if final price of any stock is less than initial price but final share price of each stock is greater than or equal to downside threshold level, par; otherwise, number of shares of worst-performing stock equal to $1,000 divided by initial share price of that stock
|
| Call: | Automatically at par plus 14% per year if each stock closes at or above initial share price on June 23, 2014, Sept. 23, 2014, Dec. 23, 2014 or March 23, 2015
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| Initial share price: | $25.07 for EMC, $182.23 for IBM, $113.20 for Amgen and $40.16 for Coca-Cola
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| Downside threshold: | $15.042 for EMC, $109.338 for IGM, $67.920 for Amgen and $24.096 for Coca-Cola, or 60% of initial share price
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3%
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| Cusip: | 61761JNN5
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