Published on 5/1/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $298,000 contingent income autocalls on Dow, Russell
By Sarah Lizee
Olympia, Wash., May 1 – Morgan Stanley Finance LLC priced $298,000 of contingent income autocallable securities due May 2, 2023 linked to the least performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 8% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date for that month.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly redemption date after six months.
The payout at maturity will be par unless either index finishes below its downside threshold level, 70% of its initial level, in which case investors will receive par plus the return of the least-performing index.
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 indexes: | Russell 2000 index and Dow Jones industrial average
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| Amount: | $298,000
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| Maturity: | May 2, 2023
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| Coupon: | 8% per year, payable monthly if each index closes at or above downside threshold on determination date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below downside threshold level, in which case par plus return of least-performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly redemption date after six months
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| Initial levels: | 1,281.878 for Russell, 24,133.78 for Dow
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| Coupon barriers: | 897.315 for Russell, 16,893.646 for Dow, or 70% of initial levels
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| Downside thresholds: | 897.315 for Russell, 16,893.646 for Dow, or 70% of initial levels
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| Pricing date: | April 27
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| Settlement date: | April 30
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 2.85%
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| Cusip: | 61770FYS9
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