By Kiku Steinfeld
Chicago, June 1 – Morgan Stanley Finance LLC priced $3.15 million of 0% jump securities with autocallable feature due June 1, 2023 linked to the least performing of the SPDR Gold Trust and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual premium of 14.8% if each fund closes at or above its initial level on any quarterly review date after one year.
The payout at maturity will be par plus 44.4% if each fund finishes at or above its initial level. If the worst performing fund declines by no more than 40%, the payout will be par. If the worst performing fund finishes below its 60% downside threshold level, investors will be fully exposed to the decline.
The notes will be guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Jump securities with autocallable feature
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Underlying funds: | SPDR Gold Trust and the iShares Silver Trust
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Amount: | $3,150,000
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Maturity: | June 1, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each fund gains, par plus 44.4%; if either fund falls by up to 40%, par; otherwise, 1% loss per 1% decline of worse performing fund
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Call: | At par plus 14.8% per year if each fund closes at or above initial level on any quarterly review date after one year.
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Initial levels: | $160.89 for gold, $15.97 for silver
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Barrier levels: | $96.534 for gold, $9.582 for silver; 60% of initial levels
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Pricing date: | May 27
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Settlement date: | May 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.375%
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Cusip: | 61771BGQ1
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