By Marisa Wong
Morgantown, W.Va., Nov. 20 – Morgan Stanley sold $2,201,760 of 0% Market Vectors – Double Long Euro exchange-traded notes due April 30, 2020 linked to the Double Long Euro index, according to a 424B2 filing with the Securities and Exchange Commission.
The aggregate market price is $1,008,956.52, based on a price of $18.33 per note, which is the average of the high and low prices reported on the NYSE Arca on Nov. 7.
The issuer had registered to sell $50 million of the notes in May 2008, as previously reported. The company has priced an aggregate principal amount of $7.04 million.
In an announcement on June 30, 2015, the issuer said it does not intend to issue any additional ETNs. However, the issuer may continue to sell any notes it currently holds or will acquire in the future.
As of Nov. 16, $2,201,760 principal amount was held for sale by the agent, Morgan Stanley & Co. LLC.
The payout at maturity will be par of $40 plus the index return minus an investor fee of 0.65% per year.
The notes are putable at any time, subject to a minimum of 50,000 notes, and they will be called if the closing indicative value of the notes falls to $1 or less.
The notes are listed on NYSE Arca under the symbol “URR.”
The index is intended to be an investable alternative to a two-times leveraged, long investment in the value of the euro relative to the dollar. For every 1% strengthening of the euro relative to the dollar, the index level will decrease by 2%, before taking into account the total return factor and the interest rate-related aspect of the forward contracts.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Market Vectors - Double Long Euro exchange-traded notes
|
| Underlying index: | Double Long Euro index
|
| Amount: | $7.04 million
|
| Maturity: | April 30, 2020
|
| Coupon: | 0%
|
| Price: | Variable
|
| Payout at maturity: | Par of $40 plus index return minus investor fee of 0.65% per year
|
| Put option: | At any time subject to minimum of 50,000 notes
|
| Call: | If closing indicative value of notes falls to $1 or less
|
| Inception date: | May 6, 2008
|
| Settlement date: | May 12, 2008 for original issue
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | None
|
| Listing: | NYSE Arca: URR
|
| Cusip: | 617480272
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
