Published on 4/13/2009 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $5.46 million 12% RevCons linked to Financial Select Sector SPDR
By Susanna Moon
Chicago, April 13 - Morgan Stanley priced $5.46 million of 12% reverse convertible securities due Oct. 15, 2009 linked to the Financial Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the fund falls below the trigger price - 50% of the initial share price - during the life of the notes and the final share price is less than the initial price, in which case the payout will be a number of fund shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent value in cash.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Reverse convertible securities
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Underlying fund: | Financial Select Sector SPDR
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Amount: | $5,455,000
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Maturity: | Oct. 15, 2009
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | If fund falls below trigger price during life of notes and final share price is less than initial share price, 94.25071 shares; otherwise, par
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Initial share price: | $10.61
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Trigger price: | $5.305, or 50% of initial share price
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Pricing date: | April 9
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Settlement date: | April 15
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 1.5%
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