By Marisa Wong
Madison, Wis., May 15 - Morgan Stanley priced $5.25 million of 0% dual directional buffered Performance Leveraged Upside Securities due May 16, 2014 linked to the iShares Dow Jones U.S. Real Estate index fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the index fund's final share price is greater than the initial share price, the payout at maturity will be par of $10.00 plus double the gain, subject to a maximum return of 30%.
If the final share price is less than or equal to the initial share price but greater than or equal to 85% of the initial price, the payout will be par plus the absolute value of the fund return.
If the final share price is less than the trigger level, investors will lose 1.1765% for every 1% decline beyond the 15% buffer.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Dual directional buffered Performance Leveraged Upside Securities
|
| Underlying ETF: | iShares Dow Jones U.S. Real Estate index fund
|
| Amount: | $5.25 million
|
| Maturity: | May 16, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus double any fund gain, up to maximum return of 30%; if fund finishes below initial level but at or above trigger level, par plus absolute value of fund return; 1.1765% loss for every 1% decline beyond 15%
|
| Initial share price: | $64.02
|
| Trigger price: | $54.417, 85% of initial share price
|
| Pricing date: | May 11
|
| Settlement date: | May 16
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 61760T801
|
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