Published on 12/16/2013 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $4.72 million 6.11% autocallable Worst of RevCons linked to stocks
By Susanna Moon
Chicago, Dec. 16 - Morgan Stanley priced $4.72 million of 6.11% autocallable Worst of RevCons due June 19, 2015 linked to the worst performing of the common stocks of Freeport-McMoRan Copper & Gold Inc., Bank of America Corp. and Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any determination date other than the final date.
The payout at maturity will be par unless any stock finishes below its 60% trigger level, in which case the payout will be par plus the return of the worst performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Autocallable Worst of RevCons
|
| Underlying stocks: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX), Bank of America Corp. (Symbol: BAC) and Cisco Systems, Inc. (Symbol: CSCO)
|
| Amount: | $4,715,000
|
| Maturity: | June 19, 2015
|
| Coupon: | 6.11%, payable quarterly
|
| Price: | Par
|
| Call: | At par plus the coupon if each stock closes at or above its initial level on any determination date other than the final date
|
| Payout at maturity: | Par unless any stock finishes below trigger level, in which case par plus return of worst performing stock
|
| Initial levels: | $34.29 for Freeport-McMoRan, $15.25 for Bank of America and $20.51 for Cisco
|
| Trigger levels: | $20.574 for Freeport-McMoRan, $9.15 for Bank of America and $12.306 for Cisco; 60% of initial levels
|
| Exchange ratios: | 29.16302 for Freeport-McMoRan, 65.57377 for Bank of America and 48.75670 for Cisco
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 23
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61761JNM7
|
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