By Kiku Steinfeld
Chicago, Nov. 30 – Morgan Stanley Finance LLC priced $1.3 million of buffered phoenix autocallable securities due April 12, 2023 linked to common stock of Enphase Energy, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16.65% if the underlying stock closes at or above its 60% coupon barrier on the related quarterly observation date, plus any previously unpaid contingent coupons.
The securities will be called automatically starting July 13 at par if the price of the underlying stock is greater than or equal to its initial price and on any subsequent quarterly review date.
At maturity the payout will be par unless the stock declines by more than its 40% buffer, in which case investors will lose 1.6667% for each 1% decline beyond the buffer.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Buffered phoenix autocallable securities
|
| Underlying stock: | Enphase Energy, Inc.
|
| Amount: | $1.3 million
|
| Maturity: | April 12, 2023
|
| Coupon: | 16.65% if the underlying stock closes at or above its 60% coupon barrier on the related quarterly observation date, plus any previously unpaid contingent coupons
|
| Price: | Par
|
| Payout at maturity: | Par if the stock gains or loses no more than its 40% buffer, otherwise investors will lose 1.6667% for each 1% decline beyond the buffer
|
| Call: | Automatically starting July 13 at par if the price of the underlying stock is greater than or equal to its initial price and on any subsequent quarterly review date
|
| Initial level: | $193.81
|
| Buffer: | $116.286, 60% of initial level
|
| Coupon barrier: | $116.286, 60% of initial level
|
| Pricing date: | March 25
|
| Settlement date: | March 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 61773QTM1
|
|
|
© 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.
