By Angela McDaniels
Tacoma, Wash., July 15 - Morgan Stanley priced $1 million of leveraged accrual notes due July 29, 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 12% for the first year. After that, the rate will be the product of (a) 1.5 times the difference of 7.5% minus Libor multiplied by (b) the proportion of days on which the index closes at or above 950. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Leveraged accrual notes
|
| Underlyings: | Libor, S&P 500 index
|
| Amount: | $1 million
|
| Maturity: | July 29, 2026
|
| Coupon: | Initially 12%; beginning July 29, 2012, (a) 1.5 times the difference of 7.5% minus Libor multiplied by (b) the proportion of days on which the index closes at or above 950; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | July 13
|
| Settlement date: | July 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 4%
|
| Cusip: | 61745E3Y5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
