By Jennifer Chiou
New York, Nov. 24 – Morgan Stanley priced $2,694,000 of contingent income autocallable securities due Nov. 25, 2016 linked to Gilead Sciences, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If Gilead stock closes at or above the downside threshold level of $75.443 on a quarterly determination date, the notes will pay an annualized contingent payment of 11.58% for that quarter.
If Gilead stock closes at or above its initial price on any of the quarterly determination dates, the notes will be redeemed at par plus the contingent payment.
If the Gilead stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent quarterly payment.
Otherwise, investors will be fully exposed to any losses.
The agent is Morgan Stanley & Co. LLC.
| Issuer: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
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| Underlying stock: | Gilead Sciences, Inc. (Symbol: GILD)
|
| Amount: | $2,694,000
|
| Maturity: | Nov. 25, 2016
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| Contingent payment: | 11.58% annualized for quarter if Gilead stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Gilead stock finishes at or above downside threshold; otherwise full exposure to any losses
|
| Call: | At par plus contingent payment if Gilead stock closes at or above initial share price on any determination date
|
| Initial share price: | $100.59
|
| Trigger level: | $75.443, 75% of initial price
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 25
|
| Agents: | Morgan Stanley & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 61761JUU1
|
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