Published on 4/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.71 million contingent income autocalls on Dow, S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, April 2 – Morgan Stanley Finance LLC priced $1.71 million of contingent income autocallable securities due March 27, 2026 linked to the least performing of the Dow Jones industrial average, the S&P 500 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 month, the notes will pay a contingent coupon at the rate of 11.45% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on the determination date for that month.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly determination date after one year.
The payout at maturity will be par plus any coupon due unless any index finishes below its 65% 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
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| Guarantor: | Morgan Stanley
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 and Russell 2000
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| Amount: | $1.71 million
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| Maturity: | March 27, 2026
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| Coupon: | 11.45% per year, payable monthly if each index closes at or above barrier level on determination date for that month
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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
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| Call: | Automatically at par if each index closes at or above initial level on any monthly determination date after one year
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| Initial index levels: | 2,447.33 for S&P, 1,096.555 for Russell, 20,704.91for Dow
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| Coupon barrier levels: | 1,590.765 for S&P, 712.61 for Russell, 13,458.192 for Dow; 65% of initial levels
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| Downside thresholds: | 1,590.765 for S&P, 712.61 for Russell, 13,458.192 for Dow; 65% of initial levels
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| Strike date: | March 24
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| Pricing date: | March 25
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| Settlement date: | March 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 61770FXC5
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