By Marisa Wong
Madison, Wis., April 14 - Morgan Stanley priced $1.5 million of 0% notes due April 15, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each note has a face amount of $10 and priced at $10.91.
If the final index level is greater than or equal to 1,440, the upper threshold level, the payout at maturity will be par plus a return of $20 for a total payment of $30.
If the final index level is less than 1,440 and greater than or equal to 1,200, the lower threshold level, the payout will be par plus 10 times the index percent change. The index percent change is equal to (a) the final level minus the lower threshold level, divided by (b) the lower threshold level. In this case, investors will receive a total payment of between $10 and $30 per note.
If the final index level is below 1,200, investors will receive par times the index performance factor, which is equal to the final level divided by the lower threshold level. The payment will be less than the initial investment.
Morgan Stanley & Co. Inc. is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Notes
|
| Underlying index: | S&P 500
|
| Amount: | $1.5 million
|
| Maturity: | April 15, 2021
|
| Coupon: | 0%
|
| Price: | $10.91 per $10 note
|
| Payout at maturity: | If final level is at or above 1,440, par plus $20; if final level is less than 1,440 but greater than or equal to 1,200, par plus 10 times (a) final level minus 1,200, divided by (b) 1,200; if final level is below 1,200, par plus quotient of final level divided by 1,200
|
| Pricing date: | April 12
|
| Settlement date: | April 15
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | 1%
|
| Cusip: | 61760E580
|
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