By Marisa Wong
Madison, Wis., Nov. 13 – Morgan Stanley priced $2.9 million of contingent income autocallable securities due Nov. 13, 2017 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Las Vegas Sands shares close at or above the downside threshold level, 75% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 11.6%.
The notes will be called at par of $10 plus the contingent coupon if Las Vegas Sands shares close at or above the initial share price on any of the first 11 quarterly determination dates.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will receive a number of Las Vegas Sands shares equal to $10 divided by the initial share price or, at the issuer’s option, a cash amount equal to the value of those shares.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
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| Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
|
| Amount: | $2,902,300
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| Maturity: | Nov. 13, 2017
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| Contingent payment: | 11.6% annualized, payable if Las Vegas Sands stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus the final contingent coupon; otherwise, 0.16798 Las Vegas Sands shares or, at issuer’s option, a cash amount equal to value of those shares
|
| Call: | At par plus contingent payment if Las Vegas Sands stock closes at or above initial share price on any of first 11 quarterly determination dates
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| Initial share price: | $59.53
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| Downside threshold: | $44.648, 75% of initial price
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| Pricing date: | Nov. 7
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| Settlement date: | Nov. 13
|
| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.5%
|
| Cusip: | 61764C648
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