Published on 12/18/2017 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $2.26 million 6.1% contingent income autocalls tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 18 – Morgan Stanley Finance LLC priced $2.26 million of contingent income autocallable securities due Sept. 19, 2019 linked to the lesser performing of the common stocks of Facebook, Inc., Priceline Group Inc. and Wal-Mart Stores, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.1% if each stock closes at or above its 60% downside threshold on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above 95% of its initial level on any quarterly redemption determination date.
The payout at maturity will be par unless any stock finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent with distribution through Morgan Stanley Wealth Management.
| 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 stocks: | Facebook, Inc., Priceline Group Inc. and Wal-Mart Stores, Inc.
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| Amount: | $2,262,000
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| Maturity: | Sept. 19, 2019
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| Coupon: | 6.1% per year, payable quarterly if each stock closes at or above downside threshold on determination date that quarter
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing stock
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| Call: | At par if each stock closes at or above 95% of initial level on any quarterly redemption determination date
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| Initial levels: | $176.96 for Facebook, $1,723.72 for Priceline and $96.70 for Wal-Mart
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| Downside thresholds: | $106.176 for Facebook, $1,034.232 for Priceline and $58.02 for Wal-Mart
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| , 60% of initial levels
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 20
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| Agent: | Morgan Stanley & Co. LLC with Morgan Stanley Wealth Management as a distributor
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| Fees: | 2%
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| Cusip: | 61768CWN3
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