Published on 7/1/2013 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $8.57 million dual directional trigger PLUS linked to S&P 500
By Susanna Moon
Chicago, July 1 - Morgan Stanley priced $8.57 million of 0% dual directional trigger Performance Leveraged Upside Securities due July 2, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above its initial level, the payout at maturity will be par plus any 144% of index gain.
If the index falls by up to 40%, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses if the index drops below the 60% trigger.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Dual directional trigger Performance Leveraged Upside Securities
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Underlying index: | S&P 500
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Amount: | $8,569,600
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Maturity: | July 2, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index gains, par plus 144% of return; if index falls by 40% or less, par plus absolute value of return; otherwise, full exposure to losses if index drops below trigger
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Initial index level: | 1,613.20
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Trigger level: | 967.92, 60% of initial index level
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Pricing date: | June 27
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Settlement date: | July 2
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 3.5%
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Cusip: | 61762E786
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