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Morgan Stanley plans 18-month market plus notes linked to S&P 500
By Susanna Moon
Chicago, March 18 – Morgan Stanley plans to price 0% market plus notes due Sept. 28, 2016 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index ever closes down by more than the 22.6% knock-out buffer amount on any day during the life of the notes.
If a knock-out event never occurs, the payout at maturity will be par plus the greater of the contingent minimum return of 0% and any index gain.
If a knock-out event occurs, the payout will be par plus the index return, with full exposure to any losses.
Morgan Stanley & Co. LLC is the agent with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as dealers.
The notes will price on March 20 and settle on March 25.
The Cusip number is 61761JXT1.
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