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Morgan Stanley plans contingent income securities linked to indexes
By Jennifer Chiou
New York, March 2 – Morgan Stanley plans to price contingent income securities due March 29, 2030 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 payable monthly. For the first five years, interest is fixed at 6.5% per year. For the remaining 10 years, the notes will pay a contingent coupon at an annual rate of 6.5% per year only if each index closes at or its coupon barrier level, 50% of its initial level, on the observation date for that month.
The payout at maturity will be par unless either index finishes below its barrier level, 50% of its initial level, in which case investors will be fully exposed to the decline of the worst-performing index.
The notes (Cusip: 61761JXF1) are expected to price on March 26 and settle on March 31.
Morgan Stanley & Co. LLC is the agent.
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