US Wrap: Easter money is on US equity alongside rare commodity note

The only product to buck the trend was a commodity-linked note issued by Morgan Stanley, the first seen in public placement this year. It lasts 18 months and pays 140% participation in the index up to a cap of between 46-52% (the exact level to be determined on the pricing date). As with most products now being issued in the low-rate environment, it offers no downside protection. The launch of such a product may be a sign that investor wariness over volatile commodity markets is easing up. W