Published on 11/21/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 contingent income autocallables linked to Russell, Nasdaq, Dow
By Kiku Steinfeld
Chicago, Nov. 21 – Morgan Stanley Finance LLC priced $250,000 of contingent income autocallable securities due May 5, 2021 linked to the lesser performing of the Russell 2000 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 9% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the determination date for that month.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly redemption determination date after six months.
The payout at maturity will be par plus the coupon unless any index finishes below its downside threshold level, 70% of its initial level, and any index ever closes below its 70% trigger level, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley Finance LLC
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Guarantor: | Morgan Stanley
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Issue: | Contingent income autocallable securities
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Underlying indexes: | Russell 2000, Nasdaq-100, Dow Jones industrial average
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Amount: | $250,000
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Maturity: | May 5, 2021
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Coupon: | 9% per year, payable monthly if each index closes at or above coupon threshold level on determination date for that month
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Price: | Par
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Payout at maturity: | Par plus coupon unless any index finishes below downside threshold level and any index ever closes below trigger level, in which case 1% loss for every 1% that lesser-performing index declines
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly redemption determination date after six months
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Initial levels: | 1,562.452 for Russell 2000 and 8,083.833 for Nasdaq-100, 27,046.23 for Dow
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Downside threshold levels: | 1,093.716 for Russell 2000, 5,658.683 for Nasdaq-100, 18,932.361 for Dow, or 70% of initial levels
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Coupon thresholds: | 1,093.716 for Russell 2000, 5,658.683 for Nasdaq-100, 18,932.361 for Dow, or 70% of initial levels
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Pricing date: | Oct. 31
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Settlement date: | Nov. 5
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.625%
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Cusip: | 61769HYU3
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