Published on 7/2/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $500,000 contingent income autocalls on S&P, Russell, Stoxx
By Kiku Steinfeld
Chicago, July 2 – Morgan Stanley Finance LLC priced $500,000 of contingent income autocallable securities due Dec. 21, 2021 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 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 15.75% 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.
The payout at maturity will be par 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
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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, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $500,000
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| Maturity: | Dec. 21, 2021
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| Coupon: | 15.75% 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 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 quarterly determination date
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| Initial index levels: | 1,419.607 for Russell, 3,136.40 for Stoxx, 3,066.59 for S&P
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| Coupon barrier levels: | 993.725 for Russell, 2,195.48 for Stoxx, 2,146.613 for S&P; 70% of initial levels
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| Downside thresholds: | 993.725 for Russell, 2,195.48 for Stoxx, 2,146.613 for S&P; 70%% of initial levels
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| Pricing date: | June 16
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| Settlement date: | June 19
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.6%
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| Cusip: | 61771BNV2
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