By Marisa Wong
Madison, Wis., Sept. 27 - Morgan Stanley priced $3 million of 0% market-linked autocallable step-up notes due Sept. 28, 2032 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the 590 barrier level on any monthly observation date, the notes will pay a contingent coupon that month at an annualized rate of 8% for the first five years, stepping up to 9% in year six, to 11% in year 11 and to 15% in year 16.
If the index closes at or above its initial level on any quarterly call date after five years, the notes will be called at par plus the contingent coupon.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Market-linked autocallable step-up notes
|
| Underlying index: | Russell 2000
|
| Amount: | $3 million
|
| Maturity: | Sept. 28, 2032
|
| Coupon: | If index closes at or above barrier level on monthly observation date, 8% initially, then 9% beginning Sept. 28, 2017, 11% beginning Sept. 28, 2022 and 15% beginning Sept. 28, 2027 to maturity; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Initial level: | 839.12
|
| Barrier level: | 590
|
| Call: | At par plus contingent coupon if index closes at or above initial level on any quarterly redemption date beginning in September 2017
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 28
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4%
|
| Cusip: | 6174822E3
|
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