By Wendy Van Sickle
Columbus, Ohio, Nov. 8 – Morgan Stanley Finance LLC priced $9.21 million of trigger autocallable contingent yield notes due Nov. 10, 2026 linked to the least performing of the SPDR S&P Regional Banking ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 8.15% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above its initial level on any observation date after six months.
The payout at maturity will be par plus the final coupon if each ETF finishes at or above the coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 60% downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worse performing ETF from its initial level.
Morgan Stanley & Co. LLC is the agent with UBS Financial Services Inc. as placement agent.
Issuer: | Morgan Stanley Finance LLC
|
Guarantor: | Morgan Stanley
|
Issue: | Trigger autocallable contingent yield notes
|
Underlying funds: | SPDR S&P Regional Banking ETF, SPDR S&P 500 ETF Trust
|
Amount: | $9,210,710
|
Maturity: | Nov. 10, 2026
|
Coupon: | 8.15%, payable quarterly if each ETF closes at or above coupon barrier level on observation date
|
Price: | Par of $10
|
Payout at maturity: | If each ETF finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above downside threshold, par; otherwise, lose 1% for every 1% decline of worst performer from initial level
|
Call: | At par plus coupon if each ETF closes at or above initial level on any observation date after six months
|
Initial levels: | $464.72 for S&P 500 ETF, $75.02 for Regional Banking
|
Coupon barriers: | $325.30 for S&P 500 ETF, $52.51 for Regional Banking; 70% of initial levels
|
Downside thresholds: | $278.33 for S&P 500 ETF, $45.01 for Regional Banking; 60% of initial levels
|
Pricing date: | Nov. 3
|
Settlement date: | Nov. 8
|
Agents: | Morgan Stanley & Co. LLC
|
Placement agent: | UBS Financial Services Inc.
|
Fees: | 0%
|
Cusip: | 61773G531
|
|
© 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.