New Issue: Morgan Stanley prices $5.46 million 12% RevCons linked to Financial Select Sector SPDR

By Susanna Moon

Chicago, April 13 - Morgan Stanley priced $5.46 million of 12% reverse convertible securities due Oct. 15, 2009 linked to the Financial Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the fund falls below the trigger price - 50% of the initial share price - during the life of the notes and the final share price is less than the initial price, in which case the payout will be a number of fund shares equal to $1,000 divided by the initial share price or, at Morgan Stanley's option, the equivalent value in cash.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Morgan Stanley
Issue:	Reverse convertible securities
Underlying fund:	Financial Select Sector SPDR
Amount:	$5,455,000
Maturity:	Oct. 15, 2009
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	If fund falls below trigger price during life of notes and final share price is less than initial share price, 94.25071 shares; otherwise, par
Initial share price:	$10.61
Trigger price:	$5.305, or 50% of initial share price
Pricing date:	April 9
Settlement date:	April 15
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

© 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.