Published on 11/7/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $12.75 million trigger autocallable contingent yield notes on Nasdaq, Stoxx
By Kiku Steinfeld
Chicago, Nov. 7 – Morgan Stanley Finance LLC priced $12.75 million of trigger autocallable contingent yield notes due Oct. 16, 2029 linked to the Nasdaq-100 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 6.3% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus any final coupon due unless either index finishes below the 50% downside threshold level in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
Morgan Stanley & Co. LLC is the agent and UBS Financial Services Inc. are the agents.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Nasdaq-100 index and Euro Stoxx 50 index
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Amount: | $12,748,000
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Maturity: | Oct. 16, 2029
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Coupon: | 6.3%, payable quarterly if each index closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after one year
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Payout at maturity: | Par plus any final coupon unless either index closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
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Initial levels: | 7,843.875 for Nasdaq, 3,569.92 for Stoxx
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Coupon barriers: | 5,490.713 for Nasdaq, 2,498.94 for Stoxx, 70% of initial levels
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Downside thresholds: | 3,921.938 for Nasdaq, 1,784.96 for Stoxx, 50% of initial levels
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Pricing date: | Oct. 11
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Settlement date: | Oct. 16
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Agents: | Morgan Stanley & Co. LLC
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Dealer: | UBS Financial Services Inc.
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Fees: | 3.5%
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Cusip: | 61770C418
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