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Morgan Stanley plans callable range accrual notes linked to S&P 500
By Susanna Moon
Chicago, July 14 – Morgan Stanley Finance LLC plans to price callable buffered range accrual securities due Jan. 31, 2025 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at an annual rate of 5.35% for each day that the index closes at or above its 80% coupon barrier, payable monthly.
The notes are callable at par beginning July 31, 2018.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will be fully exposed to any losses beyond the buffer.
Morgan Stanley & Co. LLC is the agent.
The notes will be guaranteed by Morgan Stanley.
The notes will price on July 26.
The Cusip number is 61768CMJ3.
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