Published on 5/26/2011 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $100,000 14% RevCons linked to lululemon
By Angela McDaniels
Tacoma, Wash., May 26 - Morgan Stanley priced $100,000 of 14% annualized reverse convertible securities due Aug. 29, 2011 linked to the common stock of lululemon athletica inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless lululemon stock falls by 20% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of lululemon shares equal to par divided by the initial share price or, at the issuer's option, the value of those shares in cash.
Morgan Stanley & Co. Inc. is the agent.
Issuer: | Morgan Stanley
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Issue: | Reverse convertible securities
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Underlying stock: | lululemon athletica inc. (Symbol: LULU)
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Amount: | $100,000
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Maturity: | Aug. 29, 2011
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless lululemon stock falls below trigger price during life of notes and finishes below initial share price, in which case 10.28489 lululemon shares or equivalent amount in cash
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Initial share price: | $97.23
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Trigger price: | $77.784, 80% of initial price
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Pricing date: | May 24
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Settlement date: | May 27
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 1.75%
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Cusip: | 617482TY0
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