By Angela McDaniels
Tacoma, Wash., May 1 - Morgan Stanley priced $4.87 million of 0% market-linked notes due April 27, 2017 linked to the S&P 500 Daily Risk Control 10% Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus the index return, subject to a minimum return of 7.5%.
The index is intended to provide investors with exposure to the S&P 500 Total Return index while attempting to provide greater stability and lower overall risk of large fluctuations as compared to the S&P 500 Total Return through the use of a volatility target.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Market-linked notes
|
| Underlying index: | S&P 500 Daily Risk Control 10% Index Excess Return
|
| Amount: | $4,871,450
|
| Maturity: | April 27, 2017
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus index return, subject to minimum return of 7.5%
|
| Initial index level: | 108.763
|
| Pricing date: | April 27
|
| Settlement date: | May 2
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3%
|
| Cusip: | 61760T660
|
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