By Wendy Van Sickle
Columbus, Ohio, April 30 – Morgan Stanley Finance LLC priced $31.1 million of trigger autocallable contingent yield notes due April 28, 2026 linked to the least performing of the SPDR S&P 500 ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 6.48% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus any final coupon due unless either ETF finishes below the 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing ETF from its initial level.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying ETFs: | SPDR S&P 500 ETF trust and SPDR S&P Regional Banking ETF
|
| Amount: | $31,099,550
|
| Maturity: | April 28, 2026
|
| Coupon: | 6.48%, payable quarterly if each ETF closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Call: | At par plus coupon if each ETF closes at or above initial level on any quarterly observation date after six months
|
| Payout at maturity: | Par plus any final coupon due unless either ETF closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing ETF from initial level
|
| Initial levels: | $416.74 for S&P 500, $67.85 for Regional Banking
|
| Coupon barriers: | $291.72 for S&P 500, $47.50 for Regional Banking; 70% of initial levels
|
| Downside thresholds: | $250.04 for S&P 500, $40.71 for Regional Banking; 60% of initial levels
|
| Pricing date: | April 23
|
| Settlement date: | April 28
|
| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 61772X378
|
|
|
© 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.
