Published on 4/16/2015 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $2.42 million contingent income autocallables linked to S&P GSCI Crude
By Angela McDaniels
Tacoma, Wash., April 16 – Morgan Stanley priced $2.42 million of contingent income autocallable securities due April 17, 2018 linked to the S&P GSCI Crude Oil Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent payment at an annualized rate of 12% if the index closes at or above the coupon barrier level, 75% of the initial index level, on the determination date for that quarter.
Beginning six months after issuance, the notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any determination date.
If the final index level is greater than or equal to the downside threshold level, 60% of the initial level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying index: | S&P GSCI Crude Oil Index Excess Return
|
| Amount: | $2,423,000
|
| Maturity: | April 17, 2018
|
| Coupon: | Each quarter, notes pay contingent payment at annualized rate of 12% if index closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than or equal to downside threshold level, par plus final contingent coupon, if any; otherwise, 1% loss for every 1% that final index level is less than initial index level
|
| Call: | Beginning Oct. 12, 2015, at par plus contingent coupon if index closes at or above initial level on any determination date
|
| Initial index level: | 273.6065
|
| Coupon barrier level: | 205.204875, 75% of initial level
|
| Downside threshold: | 164.1639, 60% of initial level
|
| Pricing date: | April 14
|
| Settlement date: | April 17
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61762GDP6
|
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