Published on 12/30/2013 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 10-year contingent income notes on Russell, Euro Stoxx
By Susanna Moon
Chicago, Dec. 30 - Morgan Stanley priced $500,000 of contingent income participation securities due Dec. 26, 2023 linked to the worse performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annual rate of 6% for each month that each index closes at or above its respective barrier level, 75% of the initial level, on the observation date for that month.
If each index finishes at or above its initial level, the payout at maturity will be par plus the return of the worse performing index.
If each index finishes at or above its 50% trigger level, the payout at maturity will be par plus the final monthly coupon.
Otherwise, investors will be fully exposed to any losses of the worse performing index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Contingent income participation securities
|
| Underlying indexes: | Russell 2000, Euro Stoxx 50
|
| Amount: | $500,000
|
| Maturity: | Dec. 26, 2023
|
| Coupon: | 6% annualized, payable monthly, for each month that each index closes at or above coupon barrier level for that month
|
| Price: | Par
|
| Payout at maturity: | If each index gains, the return of worse performing index; if each index falls by 50% or less, par plus final monthly coupon; otherwise, full exposure to any losses of worse performing index
|
| Initial index levels: | 1,146.47 for Russell, 3,049.35 for Euro Stoxx
|
| Barrier levels: | 859.853 for Russell, 2,287.013 for Euro Stoxx; 75% of initial levels
|
| Trigger levels: | 573.235 for Russell, 1,524.675 for Euro Stoxx; 50% of initial levels
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 26
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 61761JNC9
|
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