Published on 3/11/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $15.32 million trigger callable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., March 11 – Morgan Stanley Finance LLC priced $15.32 million of trigger callable contingent yield notes with daily coupon observation due Dec. 7, 2023 linked to the worst performing of the MSCI Emerging Markets index, the Russell 2000 index and the S&P 500 index, 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 an annual rate of 10.52% if each index closes at or above its coupon barrier level, 70% of its initial level, on every day that quarter.
After six months, the notes will be callable at par of $10 plus any coupon on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for every 1% decline of the least-performing index.
UBS Financial Services Inc. and Morgan Stanley & Co. LLC are the agents.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Trigger callable contingent yield notes with daily coupon observation
|
| Underlying indexes: | MSCI Emerging Markets, Russell 2000, S&P 500
|
| Amount: | $15.32 million
|
| Maturity: | Dec. 7, 2023
|
| Coupon: | 10.52% per year, payable quarterly if each index closes at or above its barrier level on every day that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus any coupon unless any index finishes below downside threshold level, in which case 1% loss for every 1% decline of worst performing index
|
| Call option: | After six months, at par plus any coupon on any2 quarterly observation date other than final one
|
| Initial levels: | 3,090.23 for S&P, 1,518.491 for Russell, 1,027.82 for EM
|
| Coupon barrier levels: | 2,163.16 for S&P, 1,062.944 for Russell, 719.47 for EM; 70% of initial levels
|
| Downside thresholds: | 1,854.14 for S&P, 911.095 for Russell, 616.69 for EM; 60% of initial levels
|
| Pricing date: | March 3
|
| Settlement date: | March 6
|
| Agents: | UBS Financial Services Inc. and Morgan Stanley & Co. LLC
|
| Fees: | 1%
|
| Cusip: | 61770G724
|
|
|
© 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.
