By Jennifer Chiou
New York, Feb. 3 - Morgan Stanley priced $4 million of variable-coupon commodity-linked notes due Dec. 22, 2020 tied to the S&P GSCI Commodity Index-Excess Return, according to an FWP with the Securities and Exchange Commission.
For each annual coupon payment date, if the index value has risen from the initial level on the relevant determination date, investors will receive 8.5%. If, however, the index has declined on the determination date, investors will receive 2%.
The payout at maturity will be par plus any variable coupon payment.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Variable-coupon notes
|
| Underlying index: | S&P GSCI Commodity Index-Excess Return
|
| Amount: | $4 million
|
| Maturity: | Dec. 22, 2020
|
| Coupon: | 8.5% if index has risen on determination date; otherwise, 2%; payable annually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Initial value: | 494.713
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 8
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 3.5%
|
| Cusip: | 617482QY3
|
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