By Marisa Wong
Madison, Wis., Dec. 3 - Morgan Stanley priced $6.76 million of contingent income autocallable securities due Nov. 30, 2018 linked to the worst performing of the iShares Russell 2000 exchange-traded fund, the iShares MSCI Brazil Capped ETF and the WisdomTree Japan Hedged equity fund, according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each fund closes at or above its downside threshold level, 67% of its initial level, on a determination date for that quarter.
The notes will be called at par plus the contingent coupon if each fund closes at or above its initial level on any quarterly determination date.
If each fund finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will be fully exposed to any losses of the worst performing fund.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying ETFs: | iShares Russell 2000 exchange-traded fund, iShares MSCI Brazil Capped ETF and WisdomTree Japan Hedged equity fund
|
| Amount: | $6,764,000
|
| Maturity: | Nov. 30, 2018
|
| Coupon: | 8% per year, payable quarterly if each fund closes at or above its downside threshold level on the determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If each fund finishes at or above its downside threshold level, par plus final contingent coupon; otherwise, full exposure to losses of worst performing fund
|
| Call: | At par plus contingent coupon if each fund closes at or above its initial level on any quarterly determination date
|
| Initial levels: | $113.45 for iShares Russell, $46.50 for iShares Brazil, $50.10 for WisdomTree Japan
|
| Downside thresholds: | $76.012 for iShares Russell, $31.155 for iShares Brazil, $33.567 for WisdomTree Japan; 67% of initial levels
|
| Pricing date: | Nov. 27
|
| Settlement date: | Dec. 3
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3%
|
| Cusip: | 61761JMV8
|
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