Published on 5/5/2015 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $12.1 million autocallable securities on S&P 500
By Marisa Wong
Madison, Wis., May 5 – Morgan Stanley priced $12.1 million of 0% autocallable securities due May 3, 2018 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium of 20% if the index closes at or above the call threshold level, 120% of the initial level, on Nov. 4, 2016.
If the notes are not called and the index gains, the payout at maturity will be par plus 125% of the index gain.
If the index falls by up to 15%, the payout will be par.
Otherwise, investors will be fully exposed to losses.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Autocallable securities
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Underlying index: | S&P 500
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Amount: | $12,098,930
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Maturity: | May 3, 2018
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index gains, par plus 125% of index gain; if index falls by up to 15%, par; otherwise, investors will be fully exposed to losses
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Call: | At par plus a premium of 20% if index closes at or above call threshold level on Nov. 4, 2016
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Initial level: | 2,085.51
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Call threshold: | 2,502.612, 120% of initial level
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Trigger level: | 1,772.684, 85% of initial level
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Pricing date: | April 30
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Settlement date: | May 5
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3%
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Cusip: | 61764V638
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