By Angela McDaniels
Tacoma, Wash., March 12 – Morgan Stanley Finance LLC priced $1.17 million of contingent income autocallable securities with step-up redemption threshold price feature due March 11, 2022 linked to the common stock of Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley
If Visa shares close at or above the downside threshold level, 80% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 8%.
The notes will be called at par of $10 plus the contingent coupon if Visa shares close at or above the redemption threshold price on any quarterly determination date other than the final determination date. The redemption threshold price is 105% of the initial share price for determination dates one through four, 110% of the initial share price for determination dates five through eight and 115% of the initial share price for determination dates nine through 11.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities with step-up redemption threshold price feature
|
| Underlying stock: | Visa Inc. (Symbol: V)
|
| Amount: | $1,169,500
|
| Maturity: | March 11, 2022
|
| Coupon: | 8% per year, payable quarterly if Visa shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | At par plus contingent coupon if Visa shares close at or above redemption threshold price on any quarterly determination date other than final determination date
|
| Initial share price: | $147.35
|
| Downside threshold: | $117.88, 80% of initial share price
|
| Redemption thresholds: | $154.718, or 105% of initial share price, for redemption dates one through four; $162.085, or 110% of initial share price, for redemption dates five through eight; and $169.453, or 115% of initial share price, for redemption dates nine through 11
|
| Pricing date: | March 8
|
| Settlement date: | March 13
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 61768X408
|
© 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.
