Published on 3/4/2015 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $11.8 million dual directional trigger PLUS linked to S&P 500
By Toni Weeks
San Luis Obispo, Calif., March 4 – Morgan Stanley priced $11.8 million of 0% dual directional trigger Performance Leveraged Upside Securities due March 4, 2021 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 112% of the gain.
If the index stays flat or falls and finishes at or above the 65% trigger level, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to the index decline from its initial level.
Morgan Stanley & Co. LLC is the agent with Morgan Stanley Wealth Management as dealer.
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: | $11,798,860
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Maturity: | March 4, 2021
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final index level is greater than initial index level, par plus 112% of index return; if final index level is less than or equal to initial index level but greater than or equal to trigger level, par plus absolute value of index return; if final index level is less than trigger level, full exposure to decline from initial index level
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Initial index level: | 2,104.5
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Trigger level: | 1,367.925, 65% of initial level
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Pricing date: | Feb. 27
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Settlement date: | March 4
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Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as dealer
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Fees: | 3%
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Cusip: | 61764M810
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