Published on 6/29/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $1.16 million contingent income autocalls on indexes
By Sarah Lizee
Olympia, Wash., June 29 – Morgan Stanley Finance LLC priced $1.16 million of contingent income autocallable securities due Dec. 24, 2020 linked to the least performing of the Russell 2000 index, the Nasdaq-100 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 month, the notes will pay a contingent coupon at the rate of 14.5% per year if each index closes at or above its coupon barrier level, 70% 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.
The payout at maturity will be par plus any coupon due unless any index finishes below its 60% 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: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $1,158,000
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| Maturity: | Dec. 24, 2020
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| Coupon: | 14.5% per year, payable monthly if each index closes at or above barrier level on determination date for that month
|
| 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 its initial level on any monthly determination date
|
| Initial index levels: | 1,418.634 for Russell, 3,097.74 for S&P, 10,008.640 for Nasdaq
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| Coupon barrier levels: | 993.044 for Russell, 2,168.418 for S&P, 7,006.048 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 851.18 for Russell, 1,858.644 for S&P, 6,005.184 for Nasdaq; 60% of initial levels
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| Pricing date: | June 19
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| Settlement date: | June 24
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61771BPJ7
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