By William Gullotti
Buffalo, N.Y., July 22 – Morgan Stanley Finance LLC priced $250,000 of callable contingent income buffered securities due July 3, 2025 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at the rate of 8.5% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the corresponding observation date.
The notes may be called at par plus any coupon due on any quarterly observation date after six months.
If each index finishes at or above its buffer level, 80% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% decline of the worst performer below the buffer.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Callable contingent income buffered securities
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Underlying indexes: | Russell 2000 index, S&P 500 index
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Amount: | $250,000
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Maturity: | July 3, 2025
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Coupon: | 8.5% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above buffer level; otherwise, investors will lose 1% for every 1% decline of the worst performer below 20%
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Call: | At par plus any coupon due on any quarterly observation date after six months
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Initial levels: | 3,785.38 for S&P, 1,707.99 for Russell
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Coupon barrier/buffers: | 3,028.304 for S&P, 1,366.392 for Russell; 80% of initial levels
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Pricing date: | June 30
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Settlement date: | July 6
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.75%
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Cusip: | 61774DMR5
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