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%.IssuerProduct typeUnderlyingPricing dateMaturity dateMorgan StanleyPrincipal Protected.SPXApr