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Morgan Stanley plans contingent income notes on Russell, S&P 500
By Susanna Moon
Chicago, Aug. 4 – Morgan Stanley plans to price contingent income securities due Aug. 30, 2030 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be fixed at 7% for the first five years. After that, the notes will pay a contingent monthly coupon at an annualized rate of 7% if each index closes at or above its coupon barrier level, 50% of its initial level, on the observation date for that month.
The payout at maturity will be par plus the final coupon unless either index finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
Morgan Stanley & Co. LLC is the agent.
The notes will price on Aug. 26 and settle on Aug. 31.
The Cusip number is 61761JE70.
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