By Angela McDaniels
Tacoma, Wash., May 29 - Morgan Stanley priced $312,000 of 0% dual directional trigger securities due May 30, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus the index return, subject to a maximum return of 20%.
If the final index level is less than or equal to the initial index level but is greater than or equal to the trigger level, the payout will be par plus the absolute value of the index return. The trigger level is 75% of the initial index level.
If the final index level is less than the trigger price, investors will be fully exposed to the decline from the initial index level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Dual directional trigger securities
|
| Underlying index: | S&P 500
|
| Amount: | $312,000
|
| Maturity: | May 30, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than initial index level; par plus index return, subject to maximum return of 20%; if final index level is less than or equal to initial index level but is greater than or equal to trigger level, par plus absolute value of index return; if final index level is less than trigger price, full exposure to decline from initial index level
|
| Initial index level: | 1,320.68
|
| Trigger level: | 990.51, 75% of the initial index level
|
| Pricing date: | May 24
|
| Settlement date: | May 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 2.5%
|
| Cusip: | 617482Q98
|
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