By Jennifer Chiou
New York, March 7 - Morgan Stanley priced $1 million of commodity-linked notes with contingent coupon due March 4, 2024 linked to West Texas Intermediate light sweet crude oil, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent annual coupon at a rate equal to the greater of the commodity return and the highest contingent coupon paid on any previous interest payment date, subject to a floor of 0% and a cap of 9%. The commodity return is the change in the commodity price on the applicable interest determination date relative to the initial price.
The payout at maturity will be par plus the final coupon, if any.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Commodity-linked notes with contingent coupon
|
| Underlying commodity: | West Texas Intermediate light sweet crude oil
|
| Amount: | $1 million
|
| Maturity: | March 4, 2024
|
| Coupon: | Greater of the commodity return and the highest contingent coupon paid on any previous interest payment date, subject to a floor of 0% and a cap of 9%
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, if any
|
| Initial price: | $101.196375 (99.75% of the commodity price on the pricing date)
|
| Pricing date: | March 5
|
| Settlement date: | March 11
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61762GBE3
|
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