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Morgan Stanley Sells Largest Note Tied to This Year

September 17, 2012

Morgan Stanley (MS:US) sold $16.2 million of one year auto-callable notes tied to Inc. (AMZN:US), the biggest offering linked to the world’s largest Internet retailer since December.

The securities, issued Sept. 12, pay 3.588 percent each quarter that the company’s stock is at least 75 percent of its initial price, according to a prospectus filed with the U.S. Securities and Exchange Commission. They are automatically redeemed if the shares are higher than or equal to the starting value. The bank distributed the notes for a 1.5 percent fee.

On Dec. 15, HSBC Bank Plc sold through its U.S. unit $19 million of one-year securities tied to the Seattle-based company that pay 10 percent annually, with an additional 7.65 percent if the stock gains at least 10 percent, according to a prospectus filed with the SEC. Since the note’s issuance, the company’s shares have climbed about 43 percent, while the value of the security has increased 9.7 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Earlier this month, the online goods seller unveiled new e- readers, including a Kindle Fire with an 8.9-inch screen.

To contact the reporter on this story: Kevin Dugan in New York at

To contact the editor responsible for this story: Alan Goldstein at

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