Published on 9/3/2015 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.8 million trigger PLUS linked to three stocks
By Angela McDaniels
Tacoma, Wash., Sept. 3 – Morgan Stanley priced $3.8 million of 0% trigger Performance Leveraged Upside Securities due Sept. 6, 2018 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the stocks of Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
If the basket return is positive, the payout at maturity will be par of $10 plus 200% of the basket return, subject to a maximum return of 41%. Investors will receive par if the basket declines by 15% or less and will be fully exposed to the basket’s decline from its initial level if it falls by more than 15%.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Trigger Performance Leveraged Upside Securities
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Underlying stocks: | Bank of America Corp. (Symbol: BAC), Citigroup Inc. (Symbol: C) and JPMorgan Chase & Co. (Symbol: JPM), equally weighted
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Amount: | $3,804,750
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Maturity: | Sept. 6, 2018
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If basket return is positive, par plus 200% of basket return, up to 41% maximum return; par if final basket level is less than or equal to initial level but greater than trigger level; full exposure to basket’s decline from initial level if final level is less than trigger level
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Initial share prices: | $16.34 for Bank of America, $53.48 for Citigroup and $64.10 for JPMorgan
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Trigger level: | 85% of the initial basket level
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Pricing date: | Aug. 31
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Settlement date: | Sept. 3
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3%
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Cusip: | 61765G820
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