By Angela McDaniels
Tacoma, Wash., May 2 - Morgan Stanley priced $1.5 million of contingent income partial upside participation securities due May 3, 2024 linked to the worst performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a coupon at an annual rate of 6.55% if each index closes at or above its barrier level, 65% of its initial level, on the review date for that month.
If each index finishes above its initial level, the payout at maturity will be par plus the final contingent coupon plus 50% of the increase of the worst-performing index.
If either index finishes at or below its initial level but each index finishes at or above its barrier level, the payout will be par plus the final contingent coupon.
If either index finishes below its barrier level, investors will be fully exposed to the decline of the worst-performing index from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Contingent income partial upside participation securities
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $1,495,000
|
| Maturity: | May 3, 2024
|
| Coupon: | 6.55% per year, payable monthly if each index closes at or above coupon barrier level on review date for that month
|
| Price: | Par
|
| Payout at maturity: | If each index finishes above initial level, par plus final contingent coupon plus 50% of increase of worst-performing index; if either index finishes at or below initial level but each index finishes at or above barrier level, par plus final contingent coupon; if either index finishes below barrier level, full exposure to decline of worst-performing index from initial level
|
| Initial index levels: | 1,126.857 for Russell 2000 and 3,198.39 for Euro Stoxx 50
|
| Barrier level: | 732.457 for Russell 2000 and 2,078.954 for Euro Stoxx 50; 65% of initial levels
|
| Pricing date: | April 30
|
| Settlement date: | May 5
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61761JQQ5
|
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