Published on 12/8/2015 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million contingent income autocallables on S&P, FTSE, Stoxx
New York, Dec. 8 – Morgan Stanley priced $1 million of contingent income autocallable securities due Dec. 3, 2020 linked to the worst performing of the S&P 500 index, the FTSE 100 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.4% if each index closes at or above its coupon threshold level on the determination date for that quarter. The coupon thresholds are 92.125% of the initial value.
Unpaid coupons will be paid in a subsequent quarter if each index closes at or above its initial level on the determination date in that subsequent quarter.
After one year, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus any contingent coupon unless either index finishes below the 70% downside threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | S&P 500 index. FTSE 100 index and Euro Stoxx 50 index
|
| Amount: | $1 million
|
| Maturity: | Dec. 3, 2020
|
| Coupon: | 10.4% for each quarter that each index closes at or above coupon threshold on the determination date for that quarter; unpaid coupons will be paid in a subsequent quarter if each index closes at or above its initial level on the determination date in that subsequent quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus the final contingent coupon unless any index finishes below downside threshold level, in which case full exposure to any losses of the worst performing index
|
| Call: | At par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date beginning Dec. 3, 2016
|
| Initial levels: | 2,080.41 for S&P 500, 6,356.09 for FTSE 100, 3,506.45 for Stoxx 50
|
| Coupon threshold levels: | 1,916.578 for S&P 500, 5,855.548 for FTSE 100, 3,230.317 for Stoxx 50; 92.125% of initial levels
|
| Downside threshold levels: | 1,456.287 for S&P 500, 4,449.263 for FTSE 100, 2,454.515 for Stoxx 50; 70% of initial levels
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61761JQ77
|
|
|
|
|
© 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.
