Morgan Stanley plans five-year airbag performance notes linked to AT&T

By Susanna Moon

Chicago, July 9 – Morgan Stanley plans to price 0% airbag performance securities due July 31, 2019 linked to AT&T Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

If the stock finishes above its initial level, the payout at maturity will be par plus 240% and 260% of the return. The exact participation rate will be set at pricing.

If the index falls by up to 20%, the payout will be par.

Otherwise, the payout will be a number of AT&T shares equal to $1,000 divided by the conversion price. The conversion price will be 80% of the initial share price.

Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as the dealer.

The notes will price on July 29 and settle on July 31.

The Cusip number is 61761S737.

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