By Marisa Wong
Madison, Wis., July 31 - Morgan Stanley priced $327,000 of 0% trigger participation securities due July 31, 2018 linked to the Morgan Stanley SmartInvest Equity Index (Price Return), according to a 424B2 filing with the Securities and Exchange Commission.
The index is a quantitative, rules-based, long-only equity index that aims to invest, at any one time, in 40 stocks included in the S&P 500 index that are among the more concentrated reported positions held by hedge funds.
If the final index level is greater than the initial index level, the payout at maturity will be par plus the index gain.
If the final index level is less than or equal to the initial index level but greater than or equal to the trigger level, 60% of the initial level, the payout will be par.
If the final index level is less than the trigger level, investors will lose 1% for every 1% that the final index level is less than the initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Trigger participation securities
|
| Underlying index: | Morgan Stanley SmartInvest Equity Index (Price Return)
|
| Amount: | $327,000
|
| Maturity: | July 31, 2018
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than initial index level, par plus gain; if final index level is less than or equal to initial index level but greater than or equal to trigger level, par; otherwise, 1% loss for every 1% drop below initial level
|
| Initial level: | 4,284.127
|
| Trigger level: | 2,570.476, 60% of initial level
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61761JJX8
|
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