Published on 12/18/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $3.12 million contingent income autocallables on S&P, Russell
Chicago, Dec. 18 – Morgan Stanley Finance LLC priced $3.12 million of contingent income autocallable securities due Dec. 3, 2020 linked to the least performing of the Russell 2000 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 7% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any of three redemption determination dates: Feb. 28, 2020, May 29, 2020 or Aug. 31, 2020.
The payout at maturity will be par unless either index finishes below its downside threshold level, 70% of its initial level, on any day during the life of the notes, in which case investors will receive par plus the return of the least-performing index, subject to a maximum payout of par.
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, S&P 500
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| Amount: | $3,116,000
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| Maturity: | Dec. 3, 2020
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| Coupon: | 7% per year, payable quarterly if each index closes at or above downside threshold on determination date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below downside threshold level any day during the life of the notes, in which case par plus return of least-performing index, subject to maximum payout of par
|
| Call: | Automatically at par if each index closes at or above initial level on any of three redemption determination dates, Feb. 28, 2020, May 29, 2020 or Aug. 31, 2020
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| Initial levels: | 1,624.503 for Russell 2000, 3,140.98 for S&P
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| Coupon barriers: | 1,137.152 for Russell 2000, 2,198.686 for S&P, or 70% of initial levels
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| Downside thresholds: | 1,137.152 for Russell 2000, 2,198.686 for S&P, or 70% of initial levels
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 4
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 61769H2X2
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