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Morgan Stanley plans callable notes with contingent coupon on S&P 500
By Marisa Wong
Madison, Wis., Aug. 13 - Morgan Stanley plans to price callable notes with contingent coupon due August 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly and will be fixed at 6.4% to 6.7% for the first year. After that, the notes will pay a coupon of 6.4% to 6.7% per year only if the index is above 70% of the initial index level. If the index is at or below the barrier level on an observation date, no interest will be paid for that interest period.
The payout at maturity will be par.
Beginning in August 2013, the notes will be callable at par on any interest payment date.
The notes (Cusip: 617482NB6) will price and settle in August.
Morgan Stanley & Co. Inc. is the agent.
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