Published on 5/27/2011 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $6.6 million contingent coupon notes on Libor, S&P 500
By Susanna Moon
Chicago, May 27 - Morgan Stanley priced $6.6 million of contingent coupon range accrual notes due May 29, 2026 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 7.5% for the first year. After that, it will equal Libor plus 320 basis points for each day in the quarterly interest payment period that the index closes at or above 950, subject to a maximum rate of 7.5%. Interest is payable quarterly.
The payout at maturity will be par.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Contingent coupon range accrual notes
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Underlying index: | S&P 500
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Amount: | $6.6 million
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Maturity: | May 29, 2026
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Coupon: | 7.5% for first year; after that, Libor plus 320 bps for each day that index closes at or above 950, capped at 7.5%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
|
Initial level: | 1,320.47
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Pricing date: | May 25
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Settlement date: | May 31
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 3.5%
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Cusip: | 617482UH5
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