Published on 7/7/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $7.08 million contingent income autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, July 7 – Morgan Stanley Finance LLC priced $7.08 million of contingent income autocallable securities due March 29, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, 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 14.87% 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 quarterly call determination date.
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
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Guarantor: | Morgan Stanley
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Issue: | Contingent income autocallable securities
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Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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Amount: | $7,082,000
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Maturity: | March 29, 2021
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Coupon: | 14.87% 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 its initial level on any quarterly call determination date
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Initial levels: | 3,050.33 for S&P, 1,389.741 for Russell, 10,002.7 for Nasdaq, 25,445.94 for Dow
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Coupon barriers: | 2,135.231 for S&P, 972.819 for Russell, 7,000.89 for Nasdaq, 17,812.158 for Dow; 70% of initial levels
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Downside threshold levels: | 2,135.231 for S&P, 972.819 for Russell, 7,000.89 for Nasdaq, 17,812.158 for Dow; 70% of initial levels
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Pricing date: | June 24
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Settlement date: | June 29
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 0.6%
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Cusip: | 61771BNP5
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