FVC retrospective: Morgan Stanley’s defensive autocall matures early

Kickout triggered after one year, outperforming peer group

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Morgan Stanley plan linked to two indexes

In 2014, Morgan Stanley issued a six-year autocall product - the Dual Index Defensive Kick Out Plan 2 - linked to the FTSE 100 and Euro Stoxx 50 indexes. The product had the opportunity to mature early from the end of the first year if both underlyings were equal to or higher than their levels on the strike date. It offered returns of 9.8% for every year until kickout or final maturity. If it had run for the maximum term of six years, investors would have received 58.8% on the final valuation da

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