Published on 11/30/2015 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $10.03 million trigger phoenix autocallables on Euro Stoxx, S&P 500
By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Morgan Stanley priced $10,034,300 of trigger phoenix autocallable optimization securities due Nov. 30, 2018 linked to the lesser performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.31% per year if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.
Beginning May 25, 2016, the notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its barrier level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
Morgan Stanley & Co. LLC is the agent. UBS Financial Services Inc. is acting as dealer.
| Issuer: | Morgan Stanley
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | Euro Stoxx 50 and S&P 500
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| Amount: | $10,034,300
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| Maturity: | Nov. 30, 2018
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| Coupon: | 8.31% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier level, par plus final contingent coupon; otherwise, full exposure to loss of worse performing index
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| Call: | At par if each index closes at or above initial level on any quarterly observation date beginning May 25, 2016
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| Initial levels: | 3,462.06 for Euro Stoxx 50 and 2,088.87 for S&P 500
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| Barrier/trigger levels: | 2,423.44 for Euro Stoxx, 1,462.21 for S&P; 70% of initial levels
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 30
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| Agents: | Morgan Stanley & Co. LLC; UBS Financial Services Inc. as dealer
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| Fees: | 2%
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| Cusip: | 61765U233
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