Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.6 million 8.5% worst-of fixed coupon autocalls on stocks
By Taylor Fox
New York, Oct. 26 – Morgan Stanley Finance LLC priced $3.6 million of 8.5% worst-of fixed coupon autocallable RevCons due Sept. 28, 2022 linked to the worst performing of the common stocks of Costco Wholesale Corp., Amazon.com, Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable monthly.
If each stock closes at or above its redemption threshold level, 100% of the initial price, on a monthly determination date after six months, the notes will be automatically called at par plus the coupon.
If each stock finishes at or above the 60% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least performing stock.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Worst-of fixed coupon autocallable RevCons
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| Underlying stocks: | Costco Wholesale Corp., Amazon.com, Inc. and Walmart Inc.
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| Amount: | $3.6 million
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| Maturity: | Sept. 28, 2022
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| Coupon: | 8.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of the least performing stock
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| Call: | Automatically at par if each stock closes at or above its redemption threshold level, 100% of initial level, on a monthly determination date after six months
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| Initial share prices: | $344.63 for Costco, $2,999.86 for Amazon and $135.99 for Walmart
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| Downside thresholds: | $206.778 for Costco, $1,799.916 for Amazon and $81.594 for Walmart; 60% of initial levels
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 28
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 2.98%
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| Cusip: | 61771B4C5
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