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Morgan Stanley to price knock-out notes linked to Telefonica via JPM
By Jennifer Chiou
New York, March 2 - Morgan Stanley plans to price 0% knock-out notes due Sept. 6, 2012 linked to the ordinary shares of Telefonica, SA, according to an FWP with the Securities and Exchange Commission.
If Telefonica stock closes below the initial share price by more than 25% on any day during the life of the notes, the payout at maturity will be par plus the stock return, which could be positive or negative. Otherwise, the payout will be par plus the greater of the stock return and 19.3%.
The notes (Cusip: 617482RW6) will price on March 4 and settle on March 11.
J.P. Morgan Securities LLC is the lead agent with Morgan Stanley & Co. Inc. as co-agent.
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