Published on 1/28/2016 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $500,000 trigger PLUS autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 28 – Morgan Stanley priced $500,000 of 0% trigger Performance Leveraged Upside Securities due Jan. 29, 2021 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will be automatically called at par plus the early redemption return of 25% if each index closes at or above 110% of its initial level on July 26, 2018.
If the notes are not called and both indexes closes above their initial levels, the payout at maturity will be par plus double the return of the worse performing index.
If either index declines, but neither finishes below its 60% trigger level, the payout will be par.
Otherwise, investors will be fully exposed to the loss of the worse performing index.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
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| Issue: | Autocallable trigger Performance Leveraged Upside Securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $500,000
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| Maturity: | Jan. 29, 2021
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| Coupon: | 0%
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| Price: | Par
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| Call: | At 125% of par if both indexes close above 110% of their initial levels on July 26, 2018
|
| Payout at maturity: | If both indexes finish above initial levels, par plus double the return of the worse performing index; par if either index falls, but neither declines below 60% trigger; otherwise, full exposure to loss of worse performing index
|
| Initial index levels: | 1,903.63 for S&P, 1,017.974 for Russell
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| Trigger levels: | 1,142.178 for S&P, 610.784 for Russell; 60% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 3.625%
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| Cusip: | 61761JT66
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