By Wendy Van Sickle
Columbus, Ohio, March 17 – Morgan Stanley Finance LLC priced $15 million of 0% review notes due March 10, 2026 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 9.5% per year if each index closes at or above its call level on any semiannual call date after one year. The call level for each index will be 100% of its initial level for the first through eighth review dates and 80% of its initial level for the final review date.
If the notes are not called, investors will receive par if the lesser-performing index declines beyond 20% but not by more than 30%. Otherwise, investors will be fully exposed to the loss of the lesser-performing index.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Review notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $15 million
|
| Maturity: | March 10, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if lesser performing index falls by more than 20% but not more than 30%; full exposure to loss of lesser-performing index otherwise
|
| Call: | Automatically at par plus call premium of 9.5% per year if each index closes at or above call level on a semiannual call date after one year; call level for each index will be 100% of its initial for the first through eighth review dates and 80% of its initial level for the final review date
|
| Initial levels: | 3,842.29 for S&P 500 and 2,182.76 for Russell 2000
|
| Pricing date: | March 8
|
| Settlement date: | March 11
|
| Agent: | Morgan Stanley & Co. LLC
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 0.45%
|
| Cusip: | 06171JVM3
|
© 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.
