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Morgan Stanley plans trigger phoenix autocallables linked to VMware
By Toni Weeks
San Luis Obispo, Calif., Aug. 7 - Morgan Stanley plans to price trigger phoenix autocallable optimization securities due Aug. 15, 2018 linked to VMware, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 9% if the price of VMware stock closes at or above the trigger price on the observation date for that month. The trigger price is expected to be 65% to 70% of the initial price and will be set at pricing.
If the stock closes at or above the initial price on any monthly observation date after one year, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and the VMware share price finishes at or above the trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be exposed to losses.
The notes (Cusip: 61762P492) are expected to price Aug. 9 and settle Aug. 14.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as dealer.
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