Published on 2/20/2013 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.03 million market plus notes linked to Merck
By Susanna Moon
Chicago, Feb. 20 - Morgan Stanley priced $3.03 million of 0% market plus notes due Aug. 20, 2014 linked to the Merck & Co., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if Merck stock finishes below the 80% knock-out level.
If a knock-out event never occurs, the payout at maturity will be par plus the greater of any stock gain and a contingent minimum return of 3.55%.
Otherwise, the payout will be par plus the stock return, with exposure to any losses.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC as dealer.
Issuer: | Morgan Stanley
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Issue: | Market plus notes
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Underlying stock: | Merck & Co., Inc. (NYSE: MRK)
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Amount: | $3,025,000
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Maturity: | Aug. 20, 2014
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If Merck stock falls by 20% or less, par plus any gain, floor of 3.55%; otherwise, exposure to any losses
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Initial level: | $41.19
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Knock-out level: | $32.952, 80% of initial level
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Pricing date: | Feb. 14
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Settlement date: | Feb. 20
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Agent: | Morgan Stanley & Co. LLC
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Dealer: | J.P. Morgan Securities LLC
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Fees: | 1.25%
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Cusip: | 61761JDA4
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