Published on 12/17/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $4.57 million contingent income autocalls on Boeing, Ford, Qualcomm
By Wendy Van Sickle
Columbus, Ohio, Dec. 17 – Morgan Stanley Finance LLC priced $4.57 million of contingent income autocallable securities due Dec. 12, 2023 tied to the stocks of Boeing Co., Ford Motor Co. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 20.15% per year if each stock closes at or above its coupon barrier level, 70% of its initial level, on the observation date that period.
The notes will be automatically called at par if each stock closes at or above its initial level on any quarterly call determination date after six months.
If the lowest-performing stock finishes at or above its downside threshold level, 50% of its initial level, the payout at maturity will be par plus the final coupon. If the lowest-performing stock finishes below its downside threshold level, investors will be fully exposed to the decline of the lowest-performing stock 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 stocks: | Boeing Co., Ford Motor Co. and Qualcomm Inc.
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| Amount: | $4,571,000
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| Maturity: | Dec. 12, 2023
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| Coupon: | 20.15% per year, payable monthly if each stock closes at or above coupon barrier level on observation date that period
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par; if any stock finishes below downside threshold level, full exposure to decline of lowest-performing stock from its initial level
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| Call option: | At par if each stock closes at or above its initial level on any quarterly call determination date after six months.
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| Initial levels: | $238.17 for Boeing, $9.22 for Ford, $158.02 for Qualcomm
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| Coupon barriers: | $166.19 for Boeing, $6.454 for Ford, $110.614 for Qualcomm; 70% of initial levels
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| Downside threshold levels: | $79.01 for Boeing, $4.61 for Ford, $79.01 for Qualcomm; 50% of initial levels
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| Pricing date: | Dec. 7
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| Settlement date: | Dec. 10
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61771ESM1
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