E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 12/5/2020 in the Prospect News Structured Products Daily.

New Issue: Morgan Stanley sells $1.69 million contingent income buffered autocalls on gold ETF

By Taylor Fox

New York, Dec. 7 – Morgan Stanley Finance LLC priced $1.69 million of contingent income buffered autocallable securities due Nov. 30, 2023 linked to the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Morgan Stanley.

Each quarter, the notes will pay a contingent coupon at the rate of 10.5% per year if the underlier closes at or above its coupon barrier level, 80% of its initial level, on the determination date for that quarter.

The notes will be automatically called at par plus the coupon if the underlier closes at or above its initial level on any quarterly determination date after one year.

The payout at maturity will be par plus the coupon unless the underlier finishes below its buffer level, 90% of its initial level, in which case investors will lose 1% for every 1% that the underlier declines beyond 10%.

Investors will receive the contingent coupon if the fund finishes above the coupon barrier at maturity.

Morgan Stanley & Co. LLC is the agent.

Issuer:Morgan Stanley Finance LLC
Guarantor:Morgan Stanley
Issue:Contingent income buffered autocallable securities
Underlying fund:VanEck Vectors Gold Miners ETF
Amount:$1,690,000
Maturity:Nov. 30, 2023
Coupon:10.5% per year, payable quarterly if the underlier closes at or above coupon barrier level on determination date for that quarter
Price:Par
Payout at maturity:Par plus the coupon unless the underlier closes below buffer level, in which case 1% loss for every 1% that the underlier declines beyond buffer
Call:Automatically at par plus the coupon if each underlier closes at or above initial level on any quarterly determination date after one year
Initial level:$34.04
Coupon barrier level:$27.232; 80% of initial level
Buffer level:$30.636; 90% of initial level
Pricing date:Nov. 25
Settlement date:Dec. 1
Underwriter:Morgan Stanley & Co. LLC
Fees:0.6%
Cusip:61771EPE2

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.