Morgan Stanley plans contingent income autocallables on Michael Kors

By Susanna Moon

Chicago, July 17 – Morgan Stanley plans to price contingent income autocallable securities due July 27, 2018 linked to Michael Kors Holdings Ltd. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11.15% if the shares close at or above the 75% barrier level on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any of the first 11 determination dates.

The payout at maturity will be par plus the final coupon unless the shares finish below the 75% barrier level, in which case investors will receive a number of Michael Kors shares equal to $10 divided by the initial price or, at the issuer’s option, the cash equivalent.

Morgan Stanley & Co. LLC is the agent with Morgan Stanley Wealth Management handling distribution.

The notes will price on July 24 and settle on July 29.

The Cusip number is 61765G655.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.