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US Wrap: Morgan Stanley offers rare principal protected note

HSBC and Morgan Stanley unveiled products linked to the S&P 500. Morgan Stanley's was a principal protected note, now a rare sight as dwindling rates make these products increasingly difficult to structure. The cost of principal protection is paid for by giving up any dividends and a cap on returns. The note lasts 3.47 years and offers 200% participation in the S&P 500, up to a cap of between 32-42%.

Issuer

Product type

Underlying

Pricing date

Maturity date

Morgan Stanley

Principal Protected

.SPX

Apr-09

O

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