By Susanna Moon
Chicago, Nov. 13 – Morgan Stanley priced $1.8 million of 0% contingent buffered equity notes due Jan. 6, 2016 linked to the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange.
If the fund finishes above the initial level, the payout at maturity will be par plus the return, up to a maximum return of 12.9%.
If the fund falls by up to the 15% contingent buffer, the payout will be par.
Otherwise, investors will be fully exposed to any losses.
Morgan Stanley & Co. LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Morgan Stanley
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| Issue: | Contingent buffered equity notes
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| Underlying fund: | SPDR S&P Bank ETF
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| Amount: | $1.8 million
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| Maturity: | Nov. 23, 2016
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If fund gains, par plus return, capped at 12.9%; par if fund falls by up to 15%; otherwise, full exposure to any losses
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| Initial level: | $36.59
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| Contingent buffer: | 15%
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| Pricing date: | Nov. 6
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| Settlement date: | Nov. 12
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| Agent: | Morgan Stanley & Co. LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1%
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| Cusip: | 61761JQ36
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