Published on 6/7/2011 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million leveraged accrual notes liked to S&P 500, Libor
By Angela McDaniels
Tacoma, Wash., June 7 - Morgan Stanley priced $1 million of leveraged accrual notes due June 23, 2026 linked inversely to Libor and based on the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 10% for the first three years. After that, the rate will be the product of (a) 1.5 times the difference of 7.25% minus Libor multiplied by (b) the proportion of days on which the index closes at or above 1,000. Interest is payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Leveraged accrual notes
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Underlyings: | Libor, S&P 500 index
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Amount: | $1 million
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Maturity: | June 23, 2026
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Coupon: | Initially 10%; beginning June 23, 2014, (a) 1.5 times the difference of 7.25% minus Libor multiplied by (b) the proportion of days on which the index closes at or above 1,000; payable quarterly
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Price: | Variable prices
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Payout at maturity: | Par
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Pricing date: | June 3
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Settlement date: | June 23
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 4%
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Cusip: | 61745EW23
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