Published on 2/27/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1 million contingent income securities on Dow, Russell
By Sarah Lizee
Olympia, Wash., Feb. 27 – Morgan Stanley Finance LLC priced $1 million of contingent income securities due March 2, 2026 linked to the worst performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent semiannual coupon at an annual rate of 6.15% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The payout at maturity will be par plus any final coupon unless either index finishes below its 75% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
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 securities
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| Underlying indexes: | Russell 2000 and Dow Jones industrial average
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| Amount: | $1 million
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| Maturity: | March 2, 2026
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| Coupon: | 6.15% per year for each six months that both indexes close at or above coupon barrier level on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless either index finishes below its downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performing index from initial level
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| Initial levels: | 1,678.609 for Russell, 28,992.41 for Dow
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| Coupon barrier levels: | 1,258.957 for Russell, 21,744.308 for Dow; 75% of initial levels
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| Downside thresholds: | 1,258.957 for Russell, 21,744.308 for Dow; 75% of initial levels
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 28
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | None
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| Cusip: | 61770FHG4
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