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Morgan Stanley plans contingent income notes on Russell, Euro Stoxx
By Susanna Moon
Chicago, Dec. 31 - Morgan Stanley plans to price contingent income securities due Jan. 31, 2029 linked to the worst performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 8% for the first three years, payable monthly. After that, the notes will pay a contingent monthly interest at an annual rate of 8% if each index closes at or above its 75% coupon barrier level on the observation rate for that month.
The payout at maturity will be par plus the final monthly coupon unless either index finishes below its 50% trigger level, in which case investors will be fully exposed to the losses of the worst performing index.
Morgan Stanley & Co. LLC is the agent.
The notes will price Jan. 28 and settle Jan. 31.
The Cusip number is 61761JNU9.
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