Published on 8/4/2020 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley sells $250,000 contingent income autocalls on S&P, Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 4 – Morgan Stanley Finance LLC priced $250,000 of contingent income autocallable securities due Jan. 27, 2022 linked to the least performing of the Dow Jones industrial average, the Russell 2000 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 quarter, the notes will pay a contingent coupon at the rate of 6.75% 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 call determination date after six months.
The payout at maturity will be par 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
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
|
| Amount: | $250,000
|
| Maturity: | Jan. 27, 2022
|
| Coupon: | 6.75% per year, payable quarterly if each index closes at or above barrier level on determination date for that quarter
|
| Price: | Par
|
| 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 call determination date after six months
|
| Initial levels: | 1,467.555 for Russell, 3,215.63 for S&P and 26,469.89 for Dow
|
| Coupon barriers: | 1,027.289 for Russell, 2,250.941 for S&P and 18,528.923 for Dow; 70% of initial level
|
| Downside thresholds: | 880.533 for Russell, 1,929.378 for S&P and 15,881.934 for Dow; 60% of initial levels
|
| Pricing date: | July 24
|
| Settlement date: | July 29
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.875%
|
| Cusip: | 61771BWD2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
