By Susanna Moon
Chicago, May 14 - Morgan Stanley priced $11.96 million of 0% buffered return enhanced notes with downside factor due Aug. 15, 2014 linked to the price of Brent blend crude oil, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 193% of any gain in the price of crude oil, up to a maximum payment of $1,193 per $1,000 principal amount.
Investors will receive par if the price of crude oil falls by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.
Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC as dealer.
| Issuer: | Morgan Stanley
|
| Issue: | Buffered return enhanced notes
|
| Underlying commodity: | Brent blend crude oil
|
| Amount: | $11,956,000
|
| Maturity: | Aug. 15, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 193% of any gain in crude oil, capped at 19.3%; par if price declines by 10% or less; 1.1111% loss for every 1% drop beyond 10%
|
| Initial level: | $103.91
|
| Buffer level: | $93.519, or 90% of initial level
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agent: | Morgan Stanley & Co. LLC
|
| Dealer: | J.P. Morgan Securities LLC
|
| Fees: | 1.15%
|
| Cusip: | 6174824V3
|
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