We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Morgan Stanley | NYSE:MS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.40 | -0.40% | 100.12 | 100.41 | 99.4507 | 100.15 | 1,590,332 | 17:15:58 |
Maximum Aggregate
|
Amount of Registration
|
|
Title of Each Class of Securities Offered
|
Offering Price
|
Fee
|
Fixed to Floating Rate Notes due 2025
|
$15,000,000
|
$1,743.00
|
April 2015
Amendment No. 2 dated May 5, 2015 relating to
Pricing Supplement No. 286
Registration Statement No. 333-200365
Dated April 29, 2015
Filed pursuant to Rule 424(b)(2)
|
FINAL TERMS
|
|||
Issuer:
|
Morgan Stanley
|
||
Aggregate principal amount:
|
$30,000,000. May be increased prior to the original issue date but we are not required to do so.
|
||
Issue price:
|
$1,000 per note
|
||
Stated principal amount:
|
$1,000 per note
|
||
Pricing date:
|
April 29, 2015
|
||
Original issue date:
|
May 20, 2015 (15 business days after the pricing date)
|
||
Maturity date:
|
May 20, 2025
|
||
Interest accrual date:
|
May 20, 2015
|
||
Payment at maturity:
|
The payment at maturity per note will be the stated principal amount plus accrued and unpaid interest, if any
|
||
Reference rate:
|
The 10-Year Constant Maturity Swap Rate (10CMS). Please see “Additional Provisions—Reference Rate” below.
|
||
Interest rate:
|
From and including the original issue date to but excluding May 20, 2018: 3.50% per annum
From and including May 20, 2018 to but excluding the maturity date (the “floating interest rate period”):
Reference rate; subject to the minimum interest rate.
For the purpose of determining the level of the reference rate applicable to an interest payment period, the level of the reference rate will be determined two (2) U.S. government securities business days prior to the related interest reset date at the start of such interest payment period (each, an “interest determination date”).
Interest for each interest payment period during the floating interest rate period is subject to the minimum interest rate of 0.00% per annum.
|
||
Interest payment period:
|
Quarterly
|
||
Interest payment period end dates:
|
Unadjusted
|
||
Interest payment dates:
|
Each February 20, May 20, August 20 and November 20, beginning August 20, 2015; provided that if any such day is not a business day, that interest payment will be made on the next succeeding business day and no adjustment will be made to any interest payment made on that succeeding business day.
|
||
Interest reset dates:
|
Each February 20, May 20, August 20 and November 20, beginning May 20, 2018; provided that such interest reset dates shall not be adjusted for non-business days.
|
||
Day-count convention:
|
30/360
|
||
Minimum interest rate:
|
0.00% per annum during the floating interest rate period
|
||
Maximum interest rate:
|
Not applicable
|
||
Redemption:
|
Not applicable
|
||
Specified currency:
|
U.S. dollars
|
||
CUSIP / ISIN:
|
61760QGB4 / US61760QGB41
|
||
Book-entry or certificated note:
|
Book-entry
|
||
Business day:
|
New York
|
||
Agent:
|
Morgan Stanley & Co. LLC (“MS & Co.”), a wholly owned subsidiary of Morgan Stanley. See “Supplemental Information Concerning Plan of Distribution; Conflicts of Interest.”
|
||
Calculation agent:
|
Morgan Stanley Capital Services LLC
|
||
Trustee:
|
The Bank of New York Mellon
|
||
Estimated value on the pricing date:
|
$986.50 per note. The estimated value on any subsequent pricing date may be lower than this estimate, but will in no case be less than $964.90. See “The Notes” on page 2.
|
||
Commissions and issue price:
|
Price to public
|
Agent’s commissions(1)
|
Proceeds to issuer(2)
|
Per note
|
$1,000
|
$5
|
$995
|
Total
|
$30,000,000
|
$150,000
|
$29,850,000
|
(1)
|
Morgan Stanley or one of our affiliates will pay varying discounts and commissions to dealers, including Morgan Stanley Wealth Management (an affiliate of the agent) and their financial advisors, of up to $5 per note depending on market conditions. See “Supplemental Information Concerning Plan of Distribution; Conflicts of Interest.” For additional information, see “Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.
|
(2)
|
See “Use of Proceeds and Hedging” on page 7.
|
The notes involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 5.
|
The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this pricing supplement or the accompanying prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
|
April 2015
|
Page 2
|
April 2015
|
Page 3
|
April 2015
|
Page 4
|
§
|
The historical performance of the reference rate is not an indication of future performance. The historical performance of the reference rate should not be taken as an indication of future performance during the term of the notes. Changes in the levels of the reference rate will affect the trading price of the notes, but it is impossible to predict whether such levels will rise or fall. There can be no assurance that the reference rate will be positive.
|
§
|
Investors are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the notes. Investors are dependent on our ability to pay all amounts due on the notes on interest payment dates and at maturity and therefore investors are subject to our credit risk and to changes in the market’s view of our creditworthiness. The notes are not guaranteed by any other entity. If we default on our obligations under the notes, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the notes prior to maturity will be affected by changes in the market's view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.
|
§
|
The price at which the notes may be sold prior to maturity will depend on a number of factors and may be substantially less than the amount for which they were originally purchased. Some of these factors include, but are not limited to: (i) actual or anticipated changes in the level of the reference rate, (ii) volatility of the level of the reference rate, (iii) changes in interest and yield rates, (iv) any actual or anticipated changes in our credit ratings or credit spreads and (v) time remaining to maturity. Generally, the longer the time remaining to maturity and the more tailored the exposure, the more the market price of the notes will be affected by the other factors described in the preceding sentence. This can lead to significant adverse changes in the market price of securities like the notes. Depending on the actual or anticipated level of the reference rate, the market value of the notes is expected to decrease and you may receive substantially less than 100% of the issue price if you are able to sell your notes prior to maturity.
|
§
|
The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., are willing to purchase the notes in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type, the costs of unwinding the related hedging transactions as well as other factors.
|
§
|
The estimated value of the notes is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the notes than those generated by others, including other dealers in the market, if they attempted to value the notes. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your notes in the secondary market (if any exists) at any time. The value of your notes at any time after the date of this pricing supplement
|
April 2015
|
Page 5
|
|
will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions.
|
§
|
The notes will not be listed on any securities exchange and secondary trading may be limited. The notes will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the notes. MS & Co. may, but is not obligated to, make a market in the notes and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the notes, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the notes. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Since other broker-dealers may not participate significantly in the secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the notes, it is likely that there would be no secondary market for the notes. Accordingly, you should be willing to hold your notes to maturity.
|
§
|
Morgan Stanley & Co. LLC, which is a subsidiary of the issuer, has determined the estimated value on the pricing date. MS & Co. has determined the estimated value of the notes on the pricing date.
|
§
|
The issuer, its subsidiaries or affiliates may publish research that could affect the market value of the notes. They also expect to hedge the issuer’s obligations under the notes. The issuer or one or more of its affiliates may, at present or in the future, publish research reports with respect to movements in interest rates generally or the reference rate specifically. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the notes. Any of these activities may affect the market value of the notes. In addition, the issuer’s subsidiaries expect to hedge the issuer’s obligations under the notes and they may realize a profit from that expected hedging activity even if investors do not receive a favorable investment return under the terms of the notes or in any secondary market transaction.
|
§
|
The calculation agent, which is a subsidiary of the issuer, will make determinations with respect to the notes. Any of these determinations made by the calculation agent may adversely affect the payout to investors. Moreover, certain determinations made by the calculation agent may require it to exercise discretion and make subjective judgments, such as with respect to the reference rate. These potentially subjective determinations may adversely affect the payout to you on the notes. For further information regarding these types of determinations, see “Additional Provisions―Reference Rate” and related definitions above.
|
April 2015
|
Page 6
|
April 2015
|
Page 7
|
April 2015
|
Page 8
|
April 2015
|
Page 9
|
1 Year Morgan Stanley Chart |
1 Month Morgan Stanley Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions