Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Russell 2000 index > News item |
Morgan Stanley plans contingent income notes on Russell 2000, S&P 500
By Marisa Wong
Madison, Wis., Nov. 1 - Morgan Stanley plans to price contingent income securities due Nov. 27, 2028 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is fixed at 6.5% for the first five years and is payable monthly. After that, the notes will pay a contingent monthly coupon at an annual rate 6.5% if each index closes at or above its respective barrier level, 50% of its initial level, on the related observation date for that month.
If the final level of each index is greater than or equal to its 50% barrier level, the payout at maturity will be par plus the final quarterly coupon. If the final level of either index is less than its downside threshold level, investors will be fully exposed to the decline of the worst-performing index from its initial level.
Morgan Stanley & Co. LLC is the agent.
The notes will price Nov. 22 and settle Nov. 27.
The Cusip number is 61761JMM8.
© 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.