New York, March 28 – Morgan Stanley Finance LLC priced $10 million of contingent income buffered autocallable securities due March 28, 2024 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.85%, paid monthly, if the underlying fund closes at or above its 85% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing price of the underlying fund is greater than or equal to its initial price on any monthly call determination date.
At maturity, the payout will be par unless the fund declines by more than 15%, in which case investors will lose 1.1765% for every 1% decline beyond 15%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income buffered autocallable securities
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Underlying ETF: | SPDR S&P 500 ETF Trust
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Amount: | $10 million
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Maturity: | March 28, 2024
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Coupon: | 13.85%, paid monthly, if the underlying fund closes at or above its 85% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par if the fund finishes at or above 85% of initial level, otherwise investors will lose 1.1765% for every 1% decline beyond 15%
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Call: | Automatically at par if the closing price of the underlying fund is greater than or equal to its initial price on any monthly call determination date
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Initial level: | $393.74
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Buffer: | 15%
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Coupon barrier: | $334.679, 85% of initial level
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Strike date: | March 20
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Pricing date: | March 21
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Settlement date: | March 24
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.1% including a structuring fee of 0.05%
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Cusip: | 61774XEF6
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