New York, May 30 - Morgan Stanley priced $1,178,000 of contingent income auto-callable securities due June 2, 2015 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If Valero Energy stock closes at or above the 75% downside threshold level of on a quarterly determination date, the notes will pay a contingent payment of 8% for that quarter.
If Valero Energy 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 Valero Energy 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 auto-callable securities
|
| Underlying index: | Valero Energy Corp.
|
| Amount: | $1,178,000
|
| Maturity: | June 2, 2015
|
| Contingent payment: | 8% for quarter if Valero Energy stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon if Valero Energy stock finishes at or above downside threshold; otherwise full exposure to any losses
|
| Call: | At par plus contingent payment if Valero Energy stock closes at or above initial share price on any determination date
|
| Initial share price: | $55.69
|
| Trigger level: | $41.768, 75% of initial price
|
| Pricing date: | May 28
|
| Settlement date: | June 2
|
| Agents: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61761S299
|
© 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.
