Morgan Stanley’s hybrid tracks eurozone returns

Morgan Stanley’s hybrid tracks eurozone equities and inflation and offers a fixed coupon in some years of the investment regardless of underlying performance. In return, investors may have to give up some capital if the equity component falls

European Union flags

This is a four-year product linked to the performance of the Eurostoxx 50 Index and the Eurostat Eurozone HICP Ex Tobacco unrevised series, a measure of eurozone inflation. The product pays fixed coupons of 5% for the first and fourth years, while the coupon in the second and third years depends on the year-on-year change in the inflation measure. Capital is at risk if the final level of the Eurostoxx 50 is 50% or more below its starting level.

The coupon in the second and third years will be

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