Published on 3/27/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.12 million contingent income autocalls on indexes
By Sarah Lizee
Olympia, Wash., March 27 – Morgan Stanley Finance LLC priced $1.12 million of contingent income autocallable securities due Sept. 22, 2022 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 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 the rate of 7.9% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par plus any coupon due unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 and Russell 2000
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| Amount: | $1,119,000
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| Maturity: | Sept. 22, 2022
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| Coupon: | 7.9% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly determination date after six months
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| Initial index levels: | 991.160 for Russell, 19,898.92 for Dow, 7,175.176 for Nasdaq
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| Coupon barrier levels: | 693.812 for Russell, 5,022.623 for Dow, 13,929.244 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 693.812 for Russell, 5,022.623 for Dow, 13,929.244 for Nasdaq; 70% of initial levels
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| Pricing date: | March 18
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| Settlement date: | March 23
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 1.95%
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| Cusip: | 61770FTC0
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