Published on 2/28/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $10.18 million contingent income autocalls on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – Morgan Stanley Finance LLC priced $10.18 million of contingent income autocallable securities due March 2, 2022 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the SPDR Dow Jones Industrial Average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each underlying asset closes at or above its 77.25% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the final coupon unless any asset finishes below its 77.25% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
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 assets: | Nasdaq-100 index, Russell 2000 index and SPDR Dow Jones Industrial Average ETF
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| Amount: | $10.18 million
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| Maturity: | March 2, 2022
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| Coupon: | 8% annualized, payable quarterly if each asset closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any asset finishes below its threshold level, in which case investors will be fully exposed to any losses of the worst performing asset
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| Call: | At par plus coupon if each asset closes at or above its initial level any quarterly determination date
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| Initial levels: | 8,834.865 for Nasdaq, 1,571.897 for Russell, $270.70 for ETF
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| Coupon barriers: | 6,824.933 for Nasdaq, 1,214.29 for Russell, $209.116 for ETF, 77.25% of initial levels
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| Threshold levels: | 6,824.933 for Nasdaq, 1,214.29 for Russell, $209.116 for ETF, 77.25% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | March 2
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| Underwriter: | Morgan Stanley & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 61770FMG8
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