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Morgan Stanley plans callable contingent income notes tied to S&P 500
By Susanna Moon
Chicago, Nov. 10 – Morgan Stanley plans to price callable buffered contingent income securities due May 30, 2023 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 5.9% per year if the index closes at or above the coupon barrier level, 80% of the initial index level, on the observation date for that month.
The payout at maturity will be par plus the final coupon unless the index falls by more than the 20% buffer, in which case investors will be exposed to any losses beyond 20%.
The notes will be callable at par on any quarterly redemption date beginning Nov. 30, 2016.
Morgan Stanley & Co. LLC is the agent.
The notes will price on Nov. 24 and settle on Nov. 30.
The Cusip number is 61761JQ51.
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