Published on 11/26/2007 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $14.18 million annual review notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, Nov. 26 - Morgan Stanley priced $14.18 million of 0% annual review notes due Dec. 20, 2010 linked to the S&P 500 index via JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at increasing premiums if the index is at least 90% of its initial level on the first annual review date and at or above its initial level on the second or third annual review dates.
The redemption amount will be par plus 11% if the notes are called on Dec. 15, 2008, par plus 22% if called on Dec. 15, 2009 and par plus 33% if called on Dec. 15, 2010.
If the notes are not called, the payout at maturity will be par unless the index declines by more than 10%, in which case investors will lose 1.1111% for each 1% decline beyond 10%.
| Issuer: | Morgan Stanley
|
| Issue: | Annual review notes
|
| Underlying index: | S&P 500
|
| Amount: | $14,178,000
|
| Maturity: | Dec. 20, 2010
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | Automatically called if index is at least 90% of its initial level on the first annual review date and at or above its initial level on the second or third annual review dates; payout will be par plus 11% if the notes are called on Dec. 15, 2008, par plus 22% if called on Dec. 15, 2009 and par plus 33% if called on Dec. 15, 2010
|
| Payout at maturity: | Par if final index level is at least 90% of the initial index level; 1.1111% loss for each 1% decline beyond 10%
|
| Initial index level: | 1,416.77
|
| Pricing date: | Nov. 21
|
| Settlement date: | Nov. 29
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
|
| Fees: | 2%
|
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