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Morgan Stanley to price contingent income securities tied to S&P 500
By Marisa Wong
Madison, Wis., July 3 - Morgan Stanley plans to price contingent income securities due July 31, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly payment of 8% per year, or $6.6667 per $1,000 principal amount of notes, if the index closes at or above 750, the downside threshold level, on the determination date for that month. Otherwise, no coupon will be paid that month.
If the final index level is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent monthly payment. If the final index level is less than the downside threshold level, investors will be fully exposed to the decline of the index from the initial level.
The notes (Cusip: 617482U93) will price on July 26 and settle on July 31.
Morgan Stanley & Co. LLC will be the agent.
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