Published on 2/5/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million contingent income autocallables linked to indexes
By Kiku Steinfeld
Chicago, Feb. 5 – Morgan Stanley Finance LLC priced $1 million of contingent income autocallable securities due Nov. 2, 2021 tied to the least performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 6% per year if each index closes at or above its coupon threshold level, 70% of its initial level, on the determination date for that quarter.
Beginning after six months, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly redemption determination date.
The payout at maturity will be par unless any index closes below its downside threshold level, 70% of its initial level, in which case investors will be exposed to the performance of the least performing index.
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 and S&P 500
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| Amount: | $1,000,000
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| Maturity: | Nov. 2, 2021
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| Coupon: | 6% per year, payable quarterly if each index closes at or above coupon threshold on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below its downside threshold level, in which case investors will be exposed to the performance of the least performing index
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| Call: | Beginning after six months, automatically at par if each index closes at or above initial level on any quarterly redemption determination date
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| Initial levels: | 1,658.314 for Russell 2000, 3,276.24 for S&P, 9,090.933 for Nasdaq-100
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| Coupon thresholds: | 1,160.820 for Russell 2000, 2, 2021 for S&P, 6,363.653 for Nasdaq-100, or 70% of initial levels
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| Downside thresholds: | 1,160.820 for Russell 2000, 2, 2021 for S&P, 6,363.653 for Nasdaq-100, or 70% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.25%
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| Cusip: | 61770FDE3
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